LONDON (CoinChapter.com) — Following months of anticipation, the newly launched non-fungible token (NFT) marketplace Blur officially launched its native token on Tuesday.
The NFT marketplace, which aims to surpass OpenSea as the leading NFT platform, announced the token launch via its official Twitter handle. According to the announcement, the token will allow users to participate in the platform’s governance protocol.
BLUR will give the community control over the protocol’s value accrual and distribution.
In addition, the token will also enable traders to profit from the marketplace’s development via community ownership. Blur revealed that it had recorded spectacular growth since its launch four months ago, registering almost 150,000 users who have traded $1.2 billion worth of NFTs.
Furthermore, data from DappRadar indicates that Blur’s 24-hour trading volume stands at about $9.5 million. Notably, only the OpenSea marketplace currently surpasses Blur with a trading volume of about $12 million.
The remarkable growth of the NFT marketplace has triggered a major conversation in the crypto community if BLUR is worth the buy. Here are three reasons why one should consider buying BLUR token now.
1. Coinbase, Kucoin, Others To List BLUR
Firstly United States-based crypto asset exchange, Coinbase, move to list BLUR makes it a good buy. The planned list of the NFT token will invariably boost its liquidity and expand its use cases.
Coinbase plans to launch a USD-denominated trading service for BLUR as soon as liquidity is available. Also, it plans to label BLUR as an experimental token and offer it in limited jurisdictions.
Meanwhile, other exchanges such as Huobi, OKX, Bybit, Gate, MEXC, and Kucoin have also announced plans to list the token.
2. Blur Token Airdrop For Ethereum NFT Traders
Blur user’s reward packages have also increased the NFT project customer base making it a good buy. Notably, Blur recently held its BLUR token airdrop this afternoon, and some traders snagged more than $1 million worth of tokens at the current value.
Blur offered up 360 million BLUR tokens through the airdrop. The marketplace awarded the airdropped token allotments in three waves to date. The first wave was offered to eligible Ethereum NFT traders who used a competing marketplace six months before Blur’s launch.
Consequently, the second wave was for Blur users who listed their NFTs for sale on the marketplace through November, while the final wave was for traders who bid on NFTs through Blur. Currently, about 260 million of the airdropped tokens have been claimed.
Blur said in a tweet that traders have 60 days to claim their airdropped BLUR tokens, which are trading at around 70 cents, according to data from CoinGecko. BLUR soared as high as $5.02 per token when it first hit the market on Tuesday. However, it has since declined and is currently down 88% from that short-lived peak.
3. On-Chain Data Shows Whales Are Accumulating NFT Tokens
Thirdly Blur native token is currently a good buy because NFT marketplace data shows that crypto whales are currently accumulating NFT tokens.
On-chain data analyst, The Data Nerd, found that Taureon Capital is accumulating NFT marketplace tokens. In addition, Ethereum wallets identified as “smart money” by Nansen have also significantly increased holdings of X2Y2 and LOOKS.
It shows a rising trend among sophisticated investors toward NFT marketplace tokens.
Furthermore, the year-to-date growth of several NFT tokens indicates that a bullish run is in view for the sector. For example, the native token of NFT platforms LooksRare (LOOKS) and X2Y2 (X2Y2) have outperformed the market’s average gain of most altcoins, indicating that buyers are paying more attention to NFT tokens.
The post 3 reasons why Blur’s long-awaited token is a good buy appeared first on CoinChapter.