Through its massive airdrops and no-fee NFT trading, Blur’s NFT marketplace has flipped Opensea to become the biggest exchange. However, despite the growth, BLUR’s price just got rekt. In this article, find out why.
Blur NFT marketplace has ascended the NFT throne. Through its massive airdrops and no-fee NFT trading Blur has flipped Opensea (often likened to the Bitcoin of NFTs) in overall NFT volume and trading.
(DUNE)
During Blur’S run-up, its governance token, BLUR, undertook 4x growth in price at the end of 2023.
It was also one of the most consistent tokens of 2024, even hitting a $1Bn market cap and a token price of $0.80.
That’s all gone out the window. Blur’s latest token unlock this week—8.42 million BLUR tokens, valued at $15.28 million, were released from a lockup contract—gave the holders of Blur tokens feedback on price performance.
34.42M $BLUR ($15.29M) was unlocked from the lockup contract 2hrs ago and will soon be moved to #Coinbase for distribution.
In total, 655M $BLUR (now $259M), or 21.8% of the total supply, have been unlocked since Jun 2023.
The $BLUR price has dropped ~41% since the last unlock… https://t.co/yOrJaOFCus pic.twitter.com/JVd7IVd8he
— Spot On Chain (@spotonchain) April 16, 2024
Blur’s aggressive tactics may be paying off in trading volume, but the token has faced a 25.55% downturn over the last week, compounded by a bearish outlook across crypto markets due to the Israel-Iran conflict. So, should you sell Blur token?
Blur NFT Marketplace – Should You Sell Your Airdrop Bag?
Blur didn’t just enter the NFT market in 2022; it exploded onto the scene, quickly overtaking OpenSea by executing zero-fee transactions and initiating a hefty airdrop campaign.
Delphi Digital forecasted for Blur NFT marketplace that if continued interest in NFTs sustained in 2024, BLUR’s price trajectory was the one to watch.
This was all true until last month when the BLUR token began dumping and then lost half of its value before the latest token unlocked.
Unlike past instances where unlocks spurred price surges, investors “sold the news.”
Moreover, the current bearish macro climate shows no signs of silver linings for BLUR.
Blur’s token unlocks are part of a broader strategy that has seen 655 million tokens, or 21.8% of its total supply, set free into the market since June 15, 2023.
Despite freeing up a substantial portion of its tokens, a hefty treasure chest of 799.75 million BLUR tokens remains under lock and key. This ongoing token release saga contributes to the market’s unease.
We’re seeing resistance around $0.37 for BLUR, indicating it may take a long-term hold to regain previous market highs.
The Bottom Line: Looking Ahead for Blur
As Bitcoin and Ethereum wrestle with headwinds, it’s important to remember NFTs are downstream of these two coins. Recently, both BTC and ETH have recorded near double-digit losses over the past week. As investors scramble to de-risk, NFTs are getting the boot.
With eyes set on Bitcoin halving (two freaking days away!), there’s a buzz that we might see the NFT market soar, but it’s hard to say if 2024 is the year NFT tokens shatter previous ATHs.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
