Try Quests to earn cryptoFlash Bounty - 17. Blur Analysis
Recently, Blur launched its native ERC-20 governance token, $BLUR, with a maximum supply of three billion. The token's launch has been eagerly anticipated, with airdrops given to platform users who traded NFTs on Ethereum in the months before Blur's launch and users who listed NFTs on Blur. Why was the airdrop so successful? How did it affect the NFT activity? Did the recipients sell the token? Create a dashboard that captures activity across metrics such as: Post-airdrop activity - Are top airdrop receivers dumping or accumulating? Is new capital entering? What volumes of $BLUR were purchased before/after the airdrop? Tokenomics - How concentrated is the current supply of $BLUR? How does activity on Blur compare to other marketplaces before and after the airdrop? What trends can you identify in royalty payments on Blur, as compared to other marketplaces? Did the airdrop seem to affect NFT project floor prices? Did buying/selling increase after the airdrop?
✨Introduction
Prior to the launch of the $BLUR token, there will be three rounds of airdrops. Each round has its own specific eligibility requirements.
Airdrop 1 is available to any trader who has participated in trading activities within the six months leading up to the launch of Blur's token.
Traders with active listings on Blur during the month of November are eligible for Airdrop 2.
The third and largest airdrop, Airdrop 3, is available to traders who place bids on NFTs. The size of this airdrop is expected to be approximately 1-2 times larger than Airdrop 2.
In addition, creators of successful collections on BLUR (and other marketplaces) are also eligible for the Genesis Airdrop.
It's important to note that eligibility requirements can vary for each airdrop, so traders and creators should carefully review the criteria before participating. By doing so, they can ensure they meet the requirements and are eligible to receive the airdrop.
🛠️ Method
I conducted an analysis of the airdrop recipients for the $BLUR token. To understand what they did with their tokens, I tracked their transfer activities and categorized them based on their token holding status:
Holders: Those who have held all the tokens they received and didn't make any transactions.
Hunters: Those who sold all the tokens they received.
Dumpers: Those who sold more tokens than they received.
Accumulators: Those who have bought more tokens and added them to their received tokens.
Next, I compared the activity on the Blur marketplace to other platforms such as Opensea and Looksrare. My goal was to determine the effects of the airdrop on NFT activities and metrics such as sales volume, transactions, buyer and seller counts, floor price, average price, and royalty payments on Blur as compared to other marketplaces.
For ease of comparison, I set OpenSea as the default platform. However, this parameter can be changed to compare against other marketplaces. This analysis provides valuable insights into the impact of airdrops in attracting and retaining users and boosting NFT activities on different platforms.
✍🏻 Conclusion
Why was the airdrop so successful? How did it affect the NFT activity? Did the recipients sell the token?
The airdrop was successful because it attracted a large number of users to the Blur platform, which resulted in increased trading volumes and activity. The recipients of the airdrop largely sold their tokens, which increased trading activity and brought new capital into the market. The airdrop did seem to have a positive effect on NFT activity, as there was an increase in the number of buyers and sellers on the platform.
Post-airdrop activity - Are top airdrop receivers dumping or accumulating?
Based on the analysis of the top airdrop receivers, it appears that they largely sold their tokens, rather than accumulating them. This suggests that the airdrop may have been more successful in attracting new users to the platform, rather than encouraging existing users to hold onto their tokens.
Is new capital entering? What volumes of $BLUR were purchased before/after the airdrop?
The data suggests that new capital is entering the market, as trading volumes and activity on the platform have increased since the airdrop. It is unclear how much of this new capital is coming from existing users, and how much is coming from new users who were attracted by the airdrop. The data also shows that more $BLUR tokens were transferred into exchanges than out of exchanges, indicating that the majority of airdrop recipients sold their tokens rather than holding onto them.
Tokenomics - How concentrated is the current supply of $BLUR?
Based on the distribution of token holders, the current supply of $BLUR is relatively concentrated, with a small number of users holding a large proportion of the tokens. This could potentially lead to issues with centralization if these users begin to exert too much control over the platform.
How does activity on Blur compare to other marketplaces before and after the airdrop?
According to the data, Blur's platform experienced an increase in NFT sales metrics compared to other marketplaces after the airdrop. This suggests that the airdrop was successful in attracting new users to the platform.
What trends can you identify in royalty payments on Blur, as compared to other marketplaces?
The data shows that daily total royalty payments on Blur have increased since the airdrop, compared to Opensea. However, the daily average royalty payment has decreased, indicating that while more sales are being made on the platform, they are generating lower average royalty payments.
Did the airdrop seem to affect NFT project floor prices? Did buying/selling increase after the airdrop?
The analysis suggests that the airdrop did not have a significant effect on NFT project floor prices. However, buying and selling activity on the platform did increase after the airdrop, indicating that it had a positive effect on trading activity.
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🔎 Findings:
This section provides an overview of the token claims and transfers into/out of decentralized and centralized exchanges after the Token Launch Event (TGE), as depicted by the visuals.
The charts demonstrate that the volume of tokens transferred to exchanges increased hourly after the TGE. It is evident that the transfer of tokens into exchanges was significantly higher than the transfer out of exchanges. This suggests that most of the airdrop receivers sold their tokens.
To date, approximately 1.63 billion tokens have been transferred into exchanges, while only 1.5 billion tokens have been transferred out from exchanges, representing the total transferred volume.
🔎 Findings:
The charts displayed above depict the distribution of airdrop receivers based on the volume of claimed and transferred tokens into/out from exchanges.
It can be observed that a mere 0.02% of all token receivers, comprising 23 users, received more than 1 million tokens, whereas the majority group, consisting of around 35,000 users, received less than 100 tokens, accounting for 30.3% of all users.
The primary group of transferors into exchanges were individuals possessing token amounts ranging from 1000 to 10,000, while the number of users who transferred tokens out from exchanges was quite low.
The PIE chart on the left represents the distribution of airdrop receivers based on token holding status, as defined in the methodology.
According to this chart, it is evident that the largest group of claimers, classified as hunters, sold their tokens as soon as they claimed them. Although the majority of receivers (53.9%) sold out their tokens, 43.7% of them held onto their tokens without touching them. The least number of airdrop receivers dumped their tokens, and even fewer accumulated them.
🔎 Findings:
Blur has experienced an increase in sales volume, the number of buyers and sellers, NFTs traded, and daily average price after TGE.
Before TGE, the floor price of Blur fluctuated, but it has since stabilized.
Compared to Opensea, daily total royalty payment volume has increased in Blur after TGE, but the daily average has decreased.
In terms of NFT sales metrics, Blur's platform has shown an increase compared to Opensea, which was used as the default platform for comparison.
Additionally, Blur has seen an increase in newcomers to the NFT marketplace after TGE, as shown in the charts below.
🔥 Overall Vew
A total of 360 million tokens were allocated as an airdrop to Blur users, out of which 339.1K unique users claimed their tokens. This accounts for 96.5% of the dropped tokens, while 20.9 million tokens are yet to be claimed.
Interestingly, the majority of eligible users claimed their tokens in the early hours of the airdrop.
Now, let's take a look at what these users did with their tokens.
🔎 Findings:
The charts displayed above illustrate the volume of token transfers into and out of decentralized exchanges (dex) and centralized exchanges (cex), as well as the count of individuals who made these transfers on a daily basis before and after the Token Launch Event (TGE) date.
Although we are aware that there were no tokens prior to the TGE date, we have included the days leading up to it in the charts to provide a complete picture.
The graphs reveal that there were no token transfers to dex or cex before the TGE date. Therefore, we have filtered out the days prior to the TGE date and focused solely on the days after the TGE date in the following sections.
Top Airdrop Receivers Overview
The table above provides an overview of the top 100 token receivers' addresses by claimed tokens and their transfer activities into/out from exchanges, along with their token holding status.
Note that you can input a desired address in the parameter field to find it in the table, indicated by ✨ symbols before and after the address in the corresponding column.
