Blur's native token $BLUR has been launched for trading, which has become the hottest topic in the past two days. So what is Blur? Can it shake the position of Opensea? Let's find out together.

Blur is an NFT trading platform built on the Ethereum mainnet and is also a trading aggregator. Compared with NFT trading platforms such as X2Y2 and LooksRare that focus on retail users, Blur pays more attention to serving NFT traders.

Specifically, Blur provides batch listing and batch sweeping transactions (Floor-sweeping, which means buying multiple NFTs with the lowest selling price at one time) on the basis of order book NFT transactions, providing traders with more convenient batch operations. At the same time, in addition to seeing the selling price of NFTs listed for sale on Blur, buyers can also browse NFTs listed on other NFT trading platforms on Blur, and can directly place orders through Blur.

In addition, Blur's fee structure is also very friendly to NFT traders, with a transaction fee of 0, which means that the Blur platform does not charge any fees from the transaction. On the other hand, Blur is also more inclined to traders in setting the copyright tax for NFT transactions. The NFT copyright tax of trading platforms such as Opensea and Rarible is set by the creator, and a certain percentage is mandatory in secondary transactions. The copyright tax of NFT on Blur is determined by the buyer. Blur recommends that the buyer use the default copyright tax rate of 0.5%, but users can also customize the copyright tax rate, or even set it to 0.

What is Blur's rating?

TokenInsight rated Blur's current performance as BB, with a positive outlook. It ranks high among all NFT trading platforms. The ratings of other NFT trading platforms include: X2Y2 (B), LooksRare (BB), etc.

The detailed analysis and scores of Blur's rating results are as follows:

  • Underlying technology and security 41.5%

  • Roadmap and progress 59.33%

  • Token Economy 68%

  • Token secondary market performance 59.93%

  • Ecological development 56.4%

  • Team, partners and investors 65.33%

Underlying technology and security (41.5%)

Blur has disclosed a smart contract audit report completed by Dedaub in its official documents, which was completed on January 20, 2023. The audit content mainly includes relevant updates to the Blur NFT trading platform and the newly added governance module. According to the report, a major vulnerability in the governance module was found during the audit and has not yet been fixed.

In addition, Blur has also opened a vulnerability bounty program on the code4rena platform, but has not made its official code base public on GitHub. As of February 2023, Blur has not had any crisis events that affect security.

Roadmap and progress (59.33%)

Blur launched its mainnet in October 2022, and gradually distributed airdrops to Blur users. On February 15, 2023, its native token $BLUR was officially launched. On February 23, 2023, Blur announced the second phase of the airdrop plan and the community development plan roadmap. The roadmap did not clearly announce the specific plan and time. According to the information disclosed, Blur's next phase of development plan may include: a new fee structure and copyright tax plan, cooperation with Artblocks, etc.

Token Economy (68%)

$BLUR is Blur’s native governance token, with a maximum supply of 3 billion. $BLUR can currently only be used for governance. In addition to decentralized governance, Blur has not yet announced other uses for $BLUR.

According to the distribution plan announced by Blur, core contributors, early investors and advisory teams will receive 49% of the total supply of $BLUR, which will be gradually unlocked over 4 years. 40% will be unlocked in the first year, 30% in the second year, and so on. The remaining 51% of the total supply will belong to the community, of which 12% has been used for retroactive airdrops or incentive plans before February 14, 10% has been voted for the next incentive plan, and the remaining 29% will be issued based on the voting results of the governance proposal. The specific distribution and unlocking plan is as follows:

Token secondary market performance (59.93%)

$BLUR was officially launched on February 15, 2023. As of February 22, $BLUR has been listed on multiple exchanges including OKX, Uniswap, DigiFinex, Coinbase, etc. According to TokenInisght statistics, the current trading volume of $BLUR on OKX accounts for the highest proportion, reaching 30% of the total trading volume.

The price of $BLUR reached over $2 at the beginning of its launch, and then quickly fell back to around $0.6. As the market's demand for Blur grew louder, the price of $Blur gradually rose to a maximum of around $1.4 in the following days. According to the latest data, on February 22, the price of $BLUR fell back to around $1, a drop of about 30% from the ATH.

In terms of trading volume, $BLUR’s 24h spot trading volume reached more than US$500 million on the first day of launch, and the average daily trading volume in the following days stabilized at around US$300 million, almost equivalent to its circulating market value.

Ecological development (56.4%)

Affected by the launch of $BLUR and subsequent incentive plans, the trading volume of the Blur trading platform experienced explosive growth on the 15th. Blur’s daily trading volume has soared to more than $80 million from around $15 million before February 14. Affected by Blur, OpenSea announced the launch of a limited-time 0-fee transaction on February 18. Opensea harvested US$230 million in transaction volume that day, but Blur's transaction volume was not significantly affected.

In terms of average daily transaction volume over the past 30 days, Blur has even accounted for more than half of the NFT trading market's transaction volume, surpassing Opensea.

Although Blur has surpassed Opensea in terms of daily transaction volume, it still lags behind Opensea in terms of daily active users. Blur's daily active users in the past 30 days were only about 5,000, while Opensea's daily active users were three times that of Blur, at more than 15,000.

Final Thoughts

As a dark horse of the new generation, Blur has become the trading market with the largest trading volume among NFT trading platforms, shaking Opensea's position that has never been shaken in the past few years. But Opensea still has a strong user base, and Blur still needs to create more attractive products to attract Opensea's loyal users. In addition to PFP, artworks are also a major category of NFT transactions. Last year, we mentioned in the TokenInsight NFT Industry Report 2022 Jan-May that the trading volume of artworks is second only to PFP, accounting for about 10% of the entire NFT market transaction volume. Royalties are one of the main reasons why content creators choose NFT. If they cannot make any profit from secondary market sales, content creators are destined not to choose such a trading platform. This is also one of the issues that Blur needs to think about.

In addition, Blur, as a project that has not been online for a long time, also has many common problems of emerging projects: no public Github, no detailed official Doc content, insufficient use of native tokens, etc. As the project continues to develop, we believe that the Blur team will have more time to polish these parts that need to be improved.

Based on the above information, TokenInsight gives Blur a rating of BB with a positive outlook.

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