It’s airdrop season!
Over the past few weeks, you might have seen your twitter feed being filled with tweets about $BLUR tokens and how Blur, a non-fungible token (NFT) marketplace, has become the most popular platform for trading NFTs. What exactly happened and what is coming for Blur?
Event Recap
On February 14, Blur has finally released their very first airdrop for their token, $BLUR. This airdrop is only the first season of airdrops for Blur, and released about 360 million tokens to reward their users and creators.
The marketplace adopted a gamified approach to airdropping their token via the use of “Care Packages”. Their campaign was first begun in May 2022, and comprises of three phases with different eligible criteria.
Phase 1: Back when Blur was first announced and introduced to the twitter community, they were still in private closed beta and they promoted themselves by rewarding those who referred others to sign up for the platform.
Phase 2: This phase was targeted towards rewarding traders. Regardless of the marketplace used, Blur rewarded users who had been trading Ethereum NFTs actively for the past 6 months at that time. They also further incentivized traders by rewarding those who list their NFTs on Blur’s marketplace as a way to increase the volume being traded there.
Phase 3: The last phase of the campaign focused on increasing the demand for NFTs on the Blur marketplace. To be eligible, users will have to bid on NFTs that are listed on Blur. This helped to drive up the competitiveness of the bid-ask spreads as those who bid higher will be eligible for more tokens.
The eligibility for the token airdrop is represented by the “Care Packages” that the users receive. These “Care Packages” come in different rarities: Uncommon, Rare, Legendary and Mythical. The rarity of “Care Package” received will depend on how much volume a user has traded on the platform, or by selling a bluechip NFT.
The use of this gamified campaign to grow their marketplace users has encouraged more organic users through referrals and converted many traders over from the once popular marketplace, Opensea.
How did $BLUR do?
By February 14, over 115,000 users were eligible to claim the $BLUR tokens. The tokens were trading at $0.65 on the first day and eventually hit an all time high of $1.36, before coming back down to its current price of $0.84 at the time of writing.
Following this airdrop, Blur has also managed to overtake Opensea in user market share as it claims 45% of the market share compared to Opensea’s 43%. According to DappRadar, we can see that over the past week, Blur has generated about $688.44M in trading volume, compared to Opensea’s $156.76M.
You’ve missed the airdrop, now what?
Feeling FOMO? Well fret not, as Blur has recently just announced a Season 2 of their airdrop. With over 300M+ $BLUR tokens to be released, this new season is definitely going to be exciting!
Blur have announced that this new season, they will be rewarding those who are loyal to their platform. To maximize your chances of getting more airdrop, traders will have to list their NFTs ONLY on Blur’s platform and not anywhere else. They also encourage listing more bluechip NFTs and collections that are more active to maximize your rewards.
The key to earning more is loyalty.
Implications of Blur airdrop
With the announcement of the new airdrop, many traders have already begun actively farming for it. One of the most notable ones would be a NFT whale known as Machi.
Over a span of 48 hours, he has dumped a total of 1,010 NFTs, consisting of 90 Bored Ape Yacht Club (worth 5707 ETH), 191 Mutant Ape Yacht Club (worth 3091 ETH), 112 Azuki (worth 1644 ETH) and 308 Otherdeed (worth 582 ETH). This has caused the floor prices of these collections to significantly drop during that timeframe.
However, he was not doing it for the profits. Soon after, Machi has bought back 57 Bored Ape Yacht Club (worth 3302 ETH), 190 Mutant Ape Yacht Club (worth 2996 ETH), 11 Azuki (worth 1640 ETH) and 285 Otherdeed (worth 541 ETH).
This massive transaction done by Machi is clearly an act to farm for Season 2 of $BLUR token airdrop, as it puts him at ranked number 1 on Blur’s airdrop leaderboard.
With that being said, it is to no surprise that other NFT whales may also look to do the same in order to secure themselves more airdrop tokens by ramping up their trading volume massively.
What are your thoughts on Blur’s token airdrop and how do you think it will fare for the upcoming Season 2?