Blur NFT Marketplace

Blur.io is one of (if not) the fastest real-time NFT aggregators in the Ethereum ecosystem and is the NFT marketplace for pro traders that will be majority owned by the community.

Blur is backed by renowned investors, Paradigm, 6529, Cozomo Medici, dhof, Bharat Krymo, Zeneca, OSF, MoonOverlord, icebergy, Deeze, Andy8052, and Keyboard Monkey. The company behind Blur raised $11M from these investors.

The NFT marketplace is also a strong proponent of creator royalties and offers enforced royalties on its platform. NFTs listed on Blur can also block zero royalty marketplaces. The entire ethos of the Blur ecosystem is towards “pro-NFT traders”, but allows for new entrants to level up quickly as they navigate its tools and features.

Blur marketplace was in a private development phase for 276 days before it was officially launched on October 19, 2022.

$BLUR Token

$BLUR is Blur’s long-awaited native ERC-20 governance token that has a maximum supply of 3 Billion. 12% of that supply is allocated to airdrop holders, with another 78 percent delegated to two lock-up contracts and 9% owned by a multi-sig wallet controlled by the Blur team. The earliest information out of CoinMarketCap put the token’s fully-diluted market cap at $14 billion, with a single $BLUR token currently being traded for just shy of $5.00, but the most recent figures drop both of those sharply to just under $2.5 billion and $0.69.

Users have been collecting $BLUR in the form of airdrops from the platform over the last few months. The first airdrop rewarded those who “stuck around in the bear market,” i.e., anyone who traded NFTs on Ethereum in the six months before Blur’s October launch. The second consisted of $BLUR care packages for platform users who listed NFTs on Blur (after meeting a certain threshold) from October 19 to December 5. The third was aimed at traders who placed bids on Blur and was the largest of the three airdrops. Active users who kept up with this system have greatly anticipated the launch of the token. (Source)

Dashboard Introduction & Methodology

Blur.io NFT marketplace airdropped its platform token $BLUR on Valentine’s Day, contributing to the global NFT sales increase this week. Many traders who used this marketplace received an airdrop of Blur tokens.

On the occasion of this airdrop, In this dashboard:

• Firstly, I am going to take a quick look at $BLUR tokenomics and its airdrop process.
• Then, I am going to analyze the activity & behavior of $BLUR airdrop receivers and their post-airdrop actions on the Network with their received $BLUR. (users breakdown by all claimers & top 50 claimers as the bounty question asked)
• Then, I am going to analyze the activity over NFT marketplaces (including Blur itself) before and after $BLUR airdrop. (the timespan for this part is since the start of the new year 2023.

$BLUR airdrop was started on Feb. 14th, 2023, and based on the data from Flipside’s table, the first claiming action was done at: 18:19:11.000 (UTC Time). So, in this dashboard, the days before this date are known as “Before $BLUR Airdrop” and the days after this date are known as “After $BLUR Airdrop”.

The contract address of the $BLUR token airdrop distributor is 0xf2d15c0a89428c9251d71a0e29b39ff1e86bce25 and the $BLUR token contract address is 0x5283d291dbcf85356a21ba090e6db59121208b44 (Decimals = 18). So, by having these data, we can simply use Flipside’s ethereum.core.fact_event_logs in order to analyze the airdrop distribution process by filtering the origin_to_address to the airdrop distributor and contract_address to the $BLUR token contract. We also have to set the origin_function_signature to 0x3d13f874 (claim).

==The data in Airdrop part are set to get refreshed once a day.==

Part 1: $BLUR Tokenomics & Airdrop Process

Allocation:

3 billion $BLUR have been minted at the genesis and will become accessible over the course of 4 to 5 years. If you are familiar with UNI, you will notice that BLUR follows a similar schedule, with additional cliffs and longer vesting for advisors. The initial 4 to 5 year allocation is as follows: 51% to Blur community members 1,530,000,000 BLUR 29% to past and future core contributors with 4-year vesting 867,601,888 BLUR 19% to investors with 4-year vesting 565,633,826 BLUR 1% to advisors with 4 to 5-year vesting 36,764,286 BLUR

Community Treasury

12% of BLUR 360,000,000 BLUR can immediately be claimed by all NFT traders across any marketplace from Oct 19 2022 to Feb 14 2023, historical users of Blur with Care Packages, and creators.

With 12% of tokens available to be claimed by historical and future community members, the community treasury will have 39% of BLUR supply available to distribute to the community through contributor grants, community initiatives, and incentive programs. Of the 39%, 10% (300M BLUR) has been allocated to the incentive budget for the next incentive release. If all of the incentive budget is utilized, more can be allocated via governance vote.

BLUR will vest to the community treasury on a continuous basis according to the following schedule =>

Core contributors' and launch partners' BLUR allocations will have tokens vested on an identical schedule with the addition of a 4 month cliff for transfers. Advisors' BLUR allocation will vest over 48 to 60 months with a 4 to 16 month cliff.

Source:

Airdrop

According to the above charts, the majority of eligible users for receiving $BLUR airdrop have claimed their tokens and there is less than 5% of allocated $BLUR which is not still claimed by users.

These claimers have claimed nearly almost 340 million $BLUR in the first week of the launch against the 60-day deadline. The highest peak of the claim process was during the first hours of launch on Feb. 14th (highest claimed volume) and Feb. 15th (highest claimers)

The interesting thing is that the $BLUR token’s price did not dump significantly after this airdrop. Typically, traders dump airdropped tokens early to secure an instant profit. Nonetheless, $BLUR’s price remains approximately 25% higher than its market debut price of $0.88, suggesting that most traders have decided to hold it longer.

One reason could be the Blue team’s intention to conduct another airdrop in the coming months. The news coincides with Blur’s total-value-locked (TVL) metric reaching a record high of 76,490 ETH.

According to the above chart, the wallet address 0xd5ee00b7babd9374d32159cd7cd82bb99ef831fd has claimed the highest $BLUR via Airdrop (3.20M $BLUR). However, the most number of eligible users have totally received 100 - 1000 $BLUR from this airdrop followed by users who have received 10 - 100 $BLUR.

According to the left charts, the majority of $BLUR receivers in both group (top 50 & all users) have spent their received $BLUR and did not hold it in their wallet. However, there are almost 20% of users in both group that have held and did not spent their airdropped token.

Based on the left data, among the users who have spent their airdropped $BLUR, we can see there is almost 9 hours time difference between claiming & spending this token.

On the other hand, we can see that more than 60% of claimers have immediately spent their token in less than 1 Hour followed by users who have spent their token in 1 - 24 hours after airdrop.

based on the above charts, BLUR NFT marketplace itself is the most popular destination of $BLUR airdrop receivers (among all users) followed by Uniswap (top Ethereum decentralized exchange) on the second rank. But among the top 50 users, we can see Uniswap is on the first rank of popular destinations followed by BLUR & OKEX (centralized exchange) on the next ranks.

In terms of volume, we can see Uniswap is by far the most popular destination of $BLUR airdrop spenders followed by OKEX & Metamask & Kucoin on the next ranks. Among the top 50 airdrop receivers, OKEX (Centralized Exchange) is by far the most popular destination of these users.

Totally, almost 93M $BLUR is transferred to the Centralized Exchange by airdrop receivers and BLUR NFT marketplace is the most popular FIRST destination of $BLUR airdrop receivers.

Also, we cans see there are more sell-pressure by top $BLUR airdrop receivers than its regular users.

On the left chart, we can see the evolution of $BLUR token holders and their average $BLUR balance over time.

As we see, the majority of $BLUR holders are airdrop claimers but their dominance is slightly decreasing as time goes on meaning that there are new capitals entering.

Moreover, we can see that average $BLUR balance of this token holders is increasing as time goes on which is another proof on new capitals entering.

Currently, there are almost 46k unique wallets who are holding $BLUR in their wallet and the average balance of these holders is almost 65k $BLUR. The top $BLUR holder is the wallet address 0x3f1be…db647 who is holding more than 1.45B $BLUR in his/her wallet.

In the middle chart, we can see that almost 70% of current $BLUR holders are airdrop claimers.

Part 2: Airdrop Receivers’ Post Airdrop Activity

Part 3: Blur And Other NFT Marketplaces’ Analysis, Before and After $BLUR Airdrop

According to the above charts, the sales activity and especially, the volume of NFT sales in the Blur (and also Opensea) marketplaces has increased significantly after the $BLUR token airdrop. The interesting thing is that Blur marketplace has overtaken Opensea -- The Largest Ethereum NFT marketplace -- trading volume after its token’s airdrop! But, Opesnea has still more number of sales than all other marketplaces and also the paid royalty fees on this marketplace is more than others. Moreover, we can see some inreasing volume of paid royalty fees to the NFT creators after the Airdrop timespan.

Blur has generated $460 million worth of Ethereum NFT trades over the past week, a 361% increase over the previous span. OpenSea, meanwhile, saw a 12% increase in trading volume to $107 million during that period. Totally, there is almost a 155% week-over-week increase in Ethereum NFT trading volume after the $BLUR airdrop.

However, the surge in trading volume at Blur doesn’t appear to be primarily driven by traders simply selling off their BLUR tokens and buying and holding high-value NFTs. Instead, whale traders with significant NFT holdings appear to be flipping NFTs with even greater frequency than before, in an effort to boost potential future token reward allocations (based on the scatter charts). Blur is teasing its next “Season 2” token airdrop, and specifically notes that traders that “bid on top collections closer to the floor get more rewards.” In other words, traders that put in a bid close to the floor price that is, the cheapest available NFT for a certain project—of a popular project will maximize their eventual rewards. They’re both buying and selling in bulk as a result. That’s why the price ceiling of NFT sales has flied during the past week, and why many of the NFTs in those projects are trading hands over and over again.

After this significant surge in the BLUR NFT marketplace and overtaking the Opensea, OpenSea announced Friday that it has temporarily cut its own 2.5% marketplace fee, and will cut back on some creator royalty enforcement protections. This means OpenSea, in an attempt to remain competitive with Blur, is effectively going "zero fee," forgoing the fees that drive its own primary source of revenue as well the fees that finance most NFT projects.

As when OpenSea publicly considered changes to its creator royalties model last fall, many NFT artists and creators have vocally pushed back against the move. But Blur, which does not fully honor creator royalties across projects, apparently forced OpenSea’s hand last week as the longtime leader attempts to adjust to a new normal.

As a proof to the whales activity after $BLUR airdrop, on the left chart, we can see increasing share of sales activities with higher $USD volume during the days after the $BLUR airdrop and on the other hand, decreasing share of sales with lower volume.

Moreover on the right chart, we can see that there are more royalty fees being paid on Blur marketplace after $BLUR aidrop.

Summary & Conclusion

• According to the above analysis, 360M $BLUR tokens were distributed among eligible users who were eligible for receiving airdrop. This is almost 12% of total supply of $BLUR token.
• The majority of $BLUR airdrop claimers have received their airdrop during the first 2 day of Airdrop (14th & 15th February).
• The interesting thing is that the $BLUR token’s price did not dump significantly after this airdrop. Typically, traders dump airdropped tokens early to secure an instant profit. Nonetheless, $BLUR’s price remains approximately 25% higher than its market debut price of $0.88, suggesting that most traders have decided to hold it longer. One reason could be the Blue team’s intention to conduct another airdrop in the coming months (Blur will conduct its second airdrop event, distributing more than 300M of its $BLUR tokens among community members who contribute to the protocol’s success by increasing their loyalty, performing NFT listings, and bids. Blur.іо is an NFT marketplace designed for pro traders, backed by Paradigm.). The news coincides with Blur’s total-value-locked (TVL) metric reaching a record high of 76,490 ETH. Another reason that prevented $BLUR price to get dumped after the airdrop is that according to tokenomics of this project, there will not be a new release for this token until June 2023, which is a good point.
• BLUR NFT marketplace itself, Uniswap (decentralized exchange) and OKX (centralized exchange) are the most popular destinations of post-airdrop by the claimers. However, there are almost 20% of users who have not spent their claimed $BLUR after the airdrop and tend to hold that in their wallet.
• The majority of $BLUR token holders are its airdrop receivers but the dominance of airdrop claimers is decreasing over time and seems there are new capital entering. Also, the average balance of $BLUR holders is increasing as time goes on which shows the purchasing activity of $BLUR holders which are increasing their $BLUR balance.
• The majority of $BLUR holders who have received this token via airdrop have just held their exact amount of received $BLUR followed by claimers who have spent some of it on apps. Anyway, there are also some users that purchased even more $BLUR after claiming some from the airdrop. Also, The majority of current $BLUR holders are airdrop claimers.
• The main sell pressure of airdropped $BLUR has come from its top 50 airdrop receivers since their top destination was centralized exchanges such as OKX & Kucoin.
• The NFT sales activity on Top Ethereum NFT marketplaces especially on Opensea & Blur (The 2 top markets) has increased significantly especially volume-wise after the $BLUR airdrop. Also, the floor & ceiling price and also the median price (~ tokens price) of NFTs on these marketplaces have increased over time.
• The volume of paid royalty fees on Blur & Opensea marketplace has increased significantly after the $BLUR airdrop. however, the growth rate of paid royalty fee on Blur was way more than Opensea. On the other hand, the paid royalty fee on NFT sales on other marketplaces has decreased after the $BLUR airdrop.
• The most interesting thing (one of the major milestones of the BLUR project) is that this marketplace Overtakes OpenSea as Ethereum NFT Trading Skyrockets, after the $BLUR airdrop timespan. To the extent that After this significant surge in the BLUR NFT marketplace and overtaking the Opensea, OpenSea announced Friday that it has temporarily cut its own 2.5% marketplace fee, and will cut back on some creator royalty enforcement protection. This means OpenSea, in an attempt to remain competitive with Blur, is effectively going "zero fee,"
• The surge in trading volume at Blur doesn’t appear to be primarily driven by traders simply selling off their BLUR tokens and buying and holding high-value NFTs (because there was not a high volume of airdropped $BLUR driven into the Blur marketplace). Instead, whale traders with significant NFT holdings appear to be flipping NFTs with even greater frequency than before, in an effort to boost potential future token reward allocations. Blur is teasing its next “Season 2” token airdrop, and specifically notes that traders that “bid on top collections closer to the floor get more rewards.” In other words, traders that put in a bid close to the floor price that is, the cheapest available NFT for a certain project—of a popular project will maximize their eventual rewards. They’re both buying and selling in bulk as a result. That’s why the price ceiling of NFT sales has flied during the past week, and why many of the NFTs in those projects are trading hands over and over again.

**Discord: Ali3N#8546 Twitter: Alik_110 Email: Alik110.72@Gmail.com Check out My Other Dashboards at: **

External Sources:

https://forkast.news/nftblur-airdrop-marketplace-opensea

According to the left chart, the majority of $BLUR holders have just held their claimed $BLUR from the airdrop and did not purchase any more $BLUR or have not sell part of the claimed $BLUR from airdrop.

Followed by users who have spent some of the claimed $BLUR from airdrop.