Blur (BLUR): what is it and how does the NFT marketplace work?

Introduction to Blur: what is it and how does it work?

Blur (BLUR) is an Ethereum-based NFT marketplace rapidly gaining popularity among NFT traders and collectors for its revolutionary approach to buying and selling non-fungible tokens (NFTs). Blur combines an intuitive design with advanced trading features, providing a seamless platform for novice and experienced users. This article will cover Blur’s fundamentals, including its interface, functionality, and unique features that set it apart from other NFT marketplaces.

Blur’s background

Launched in 2018, Blur was co-founded by Eric Chen and Albert Chon with a vision to make NFT trading faster, more efficient, and more profitable. Blur is built on a Proof-of-Stake consensus mechanism, and its marketplace handles a total token supply of 100 million, catering to the increasing demand for decentralised digital assets.

Key features of Blur for NFT traders

Blur serves as both an NFT marketplace and an aggregator, enabling users to view and trade a vast selection of NFTs within a single interface. With over $1.5 billion worth of NFTs aggregated on Blur, it’s designed for quick, high-volume trading and supports transactions on an unprecedented scale. Blur’s interface and functionality focus on speed and usability, making it approximately ten times faster than other NFT platforms.

To fully understand what Blur is and how it works, let’s explore the key components in depth.

The interface

Blur’s interface is designed with distinct sections to meet the specific needs of traders and collectors. Users can choose between a trader-focused view, offering real-time price charts, transaction records, and active bid data, or a collector-centric view, which places more emphasis on the art itself. This customisable layout makes it easy for traders to stay updated on market activity and for collectors to appreciate digital art.

How does Blur work?

Blur enables efficient NFT trading by offering multiple speed options for purchases. Traders can select from three-speed levels, each with varying transaction costs. Faster transactions incur higher gas fees, ideal for traders paying a premium to secure in-demand NFTs. Unlike many NFT platforms, Blur provides up-to-date price tracking, allowing traders to “sweep the floor” or buy several NFTs at the lowest available price in a single transaction. Users can buy up to 30 NFTs simultaneously, creating a powerful tool for high-volume trades.

In Blur, placing an offer does not require locking funds in a smart contract, as is common on other NFT marketplaces. Instead, users can maintain a liquidity pool funded with Ethereum (ETH) to bid on various NFTs. Public bids on Blur make it easy to see the current market interest in specific NFTs, with open bidding acting as a gauge for fair market value, especially for sought-after profile picture (PFP) NFTs.

Selling NFTs on Blur is streamlined with features like an automatic spam filter that hides low-value or unwanted NFTs that malicious actors may have sent to a user’s wallet. Blur also displays the minimum prices for NFTs based on their traits, helping sellers avoid underpricing. Importantly, the marketplace charges zero commission fees on sales, although creators’ royalties (from 0.5% upwards) still apply.

Beyond the essentials, Blur offers several advanced features that make it a top choice among NFT marketplaces:

The BLUR token and airdrop

A key feature of Blur is its native token, BLUR, which grants users governance rights. BLUR is an ERC-20 token on Ethereum, distributed through an innovative airdrop mechanism based on user activity. This airdrop was divided into “bid points” and “listing points,” with users rewarded for trading and listing NFTs on Blur. The airdrop was a huge success, with approximately $400 million distributed to early adopters, reinforcing user loyalty. Some of the top traders received allocations as high as 2,900 ETH in BLUR tokens, valued at over $3.5 million at the time.

BLUR’s total supply of 1 billion tokens is divided as follows:

Conclusion: why Blur is redefining NFT trading

In summary, Blur is a next-generation NFT marketplace that combines a sleek, trader-focused interface with advanced trading features and a rewarding token ecosystem. The platform’s real-time price updates, zero transaction fees, and easy options to trade entire collections have made it a popular choice among NFT enthusiasts. Moreover, the BLUR token allows users to participate in platform governance, adding a community-driven aspect to its ecosystem.