On Tuesday, February 14, 2023, non-fungible token (NFT) market Blur sparked a frenzy of buying and selling exercise when it introduced the launch of its native token, BLUR. As customers had been allotted tokens, additionally they obtained “care packages” as a part of the promotion. The tokens started buying and selling at midday on Feb. 14, reaching a excessive of $5.02 per token, however the token has since misplaced greater than 85% of its worth towards the U.S. greenback.
Blur is a brand new entrant into the aggressive NFT market, which is changing into the subsequent massive factor in digital belongings. NFTs are distinctive digital belongings that can be utilized to symbolize possession of any sort of merchandise, together with artwork, music, video, and extra.
Blur’s care packages to its customers are designed to encourage their participation in buying and selling actions on the platform and enhance the demand for BLUR tokens. Packages embody Blur merchandise, low cost coupons, and extra.
“It’s time for BLUR,” the market had tweeted the day earlier than. “Care packs could be opened on February 14 at 12:00PM EST, 1:00AM HKT, 6:00PM CET. Be certain to put up the announcement from our official Blur.io account tomorrow and double verify all earlier than claiming URL.”
The favored cryptocurrency trade Kucoin was essentially the most lively buying and selling platform for BLUR on the primary day of buying and selling, and essentially the most lively buying and selling pair was BLUR/USDT. At 2:05 p.m. (ET), BLUR had a market capitalization of roughly $176 million and a world commerce quantity of roughly $12 million. At 2:10 p.m., BLUR dropped to $0.458 per coin, and statistics present that there are 360,000,000 BLUR tokens in circulation.
As of two:10pm (ET) Tuesday, there have been 8,798 distinctive addresses holding BLUR tokens, with roughly 18,900 transfers occurring. In current months, the Blur market has emerged as the highest NFT market, competing with Opensea, the biggest NFT market.
Nevertheless, one other competing NFT market, Looksrare, additionally garnered consideration for its market token airdrop referred to as LOOKS, however buying and selling volumes have since declined. 2:33 p.m. On Tuesday, BLUR bounced again and touched a variety of $0.602 per unit, giving hope to early traders.
The worth volatility of the BLUR token on the primary day of buying and selling just isn’t unusual for newly launched cryptocurrencies. Traders within the digital asset area are used to the excessive volatility that comes with investing in new, untested belongings.
Regardless of the preliminary drop in value, Blur is optimistic about the way forward for its native token. The corporate believes that BLUR tokens will change into an integral a part of the NFT ecosystem, enabling customers to conduct seamless transactions on the platform. Additionally it is anticipated that the BLUR token might be listed on extra buying and selling platforms quickly, rising liquidity and demand.
Blur NFT Market The launch of the BLUR token was marked by a flurry of buying and selling exercise that resulted in an 85% drop in value inside hours. Nevertheless, the following value rally reveals that there’s nonetheless hope for the BLUR token. Because the NFT market continues to develop, BLUR tokens are anticipated to play an essential function in enabling seamless transactions on the platform.