Yesterday, the non-fungible token (NFT) marketplace from Upstart, Blur, began airdropping its Blur governance tokens to reward Ethereum NFT traders on its platform.
The Blur marketplace launched last October with the promise of token rewards for traders. The platform’s been dishing out “care packages” representing future token allotments, and today users will be able to open those packages to claim their Ethereum-based tokens.
The governance token rewards are being allotted in three waves. First, to eligible Ethereum NFT traders who used a competing NFT marketplace in the six months prior to Blur’s launch. Second, for users of Blur who listed an NFT for sale through November. And finally, for all traders who’ve bid on an NFT on the Blur marketplace.
While the Blur governance token was initially planned for January, on January 19th the marketplace announced they would need an extra two weeks because they were working on new features and intended to “deliver a launch that hasn’t been done before.”
Blur, a competitor of OpenSea, bills itself as the place for “pro traders.” In March 2022, it raised $11 million in a seed round led by Paradigm. Over the last few months — perhaps led by anticipation of the Blur token — the marketplace has occasionally topped OpenSea in overall trading volume. However, data shows Blur still has far fewer active traders and transactions than OpenSea.
It’s still early to see if the Blur token airdrop will be a long-term success, but you can track the coin’s price movements here.
Competition is Fierce for NFT Marketplaces
The launch of the Blur governance token is exciting for users and could be a boost to its already growing NFT ecosystem. And these days, considering how crowded the NFT marketplace space is becoming, Blur just might need the extra push.
At Rarity Sniper, we’ve written dozens of articles about NFT marketplaces in recent months. Check out some of our headlines:
- Creators of GoblinTown Launch NFT Marketplace
- LG Launches NFT Marketplace on Smart TVs
- PGA Tour Partners with Autograph to Launch NFT Marketplace
- Christie’s Moves On-Chain with New NFT Marketplace
- Mattel Launches NFT Marketplace on Flow Blockchain
- Top Crypto Exchange Kraken Launches NFT Marketplace
- Fidelity Teases NFT Marketplace & Metaverse Financial Services
Because NFT marketplaces are being born across a myriad of sectors, they’re not always in direct competition. That said, competition is fierce and whatever marketplaces can do to stand out from the pack could be critical for their survival.
Only time will tell if Blur’s governance token will be popular with users and investors. If it is, perhaps Blur can continue to compete with OpenSea and other NFT marketplaces for a top spot. We’ll be following up on any new developments to the story.