Blur: Does Web3 need another NFT Marketplace?
For the better half of 2022, there has been a large push for better NFT marketplaces because of criticism revolving around Opensea which is the most popular marketplace for web3 products but is not the most preferred.
As a result, many marketplaces like Gem and X2Y2 have begun popping up across the Ethereum network, trying to fill the void in efficiency that Opensea has unintentionally created due to scaling issues involved with the large user base they attracted during the NFT bull run in 2021.
What is Blur?
Launched in mid-October, Blur is the latest marketplace for Ethereum users to trade, list, and buy NFTs with unique listing and buying options that allow floors to be swept more easily.
Users are also able to use the platform to list their NFTs on other marketplaces as well, causing their listings to garner more exposure than if they were to list on a single marketplace only.
This feature is compounded by the lack of marketplace fees required by Blur in order to list these tokens as well, allowing traders to list a larger number of tokens without affecting their total liquidity so that they can earn higher returns on their investments.
Incentives for adoption
The platform has also created a series of incentives to further enhance its adoption rate which is critical in web3 where a lack of instant usage correlates to a project that is suddenly dying out.
Airdrops
The Blur marketplace is using 2 forms of airdrops to stir activity on their marketplace to reward early adopters of the platform. The first airdrop is given to anyone that lists at least one NFT on the marketplace during the last two weeks of October. By doing so, users are rewarded with five care packages that rank in rarity and will be opened in January 2023.
The second airdrop will be given out to users that begin listing their NFTs in November which gives more time to their adoption rate. This second round of airdrops will be determined by the number of listings each user executes on Blur and will reward them with Blur’s upcoming native tokens.Honoring Royalties
Another important incentive for users is Blur’s commitment to NFT royalty structures which are a unique feature of NFT technology that bridges the relationship between buyers and creators.
Recently, many projects have attempted to avoid paying these fees in an effort to promote pure profits to the buyers and sellers which goes against one of the appeals that artists see in NFTs.
Without these artists, there will be fewer collections to buy from in the future which can hinder the growth of Blur, so it is important for them to support artists.
Who’s backing the project?
The project is also widely backed by a variety of notable figures within the NFT ecosystem. The most notable backing comes from Paradigm, which has invested about $11 million in the platform. Zeneca and Punk #6529 are also notable influencers that have partnered with the Blur team, promoting it as the next big marketplace for NFTs.
It’ll be interesting to see how this marketplace evolves through the remainder of 2022 because NFT sales have steadily declined over the year, especially after the major crash we experienced in the summer. However, with significant backing, the marketplace looks to be poised for success at the start of 2023.
