NFT Marketplace Blur Launches Native Token, BLUR Price Drops 85% in a Matter of Hours
The Blur non-fungible token (NFT) marketplace launched its native token this week, and users who were awarded token allotments received “care packages.” Blur tokens began trading at noon on Feb. 14, reaching a high of $5.02 per token. However, the coin has since dropped more than 85% against the U.S. dollar.
BLUR Token Launch Records an 85% Drop on Its First Day of Trading
On Tuesday, Feb. 14, 2023, which is Valentine’s Day, the NFT marketplace Blur announced the launch of its token and airdrop. Blur gave away “care packages” to users who conducted trades on a competing NFT market, listed NFTs on the Blur marketplace, and those who participated in Blur market bidding, according to the allotment cycles.
“It’s time for BLUR,” the market tweeted the day prior. “Care Packages can be opened on Feb 14 at 12PM EST, 1AM HKG, 6PM CET. Make sure the launch announcement comes from our official Blur.io account tomorrow and double check all URLs before claiming.”
BLUR has started trading, with Kucoin being the most active exchange on Tuesday, and the most active trading pair being BLUR/USDT. As of 2:05 p.m. (ET), BLUR had a market capitalization of approximately $176 million, with a global trade volume of about $12 million. At 2:10 p.m., BLUR dropped to $0.458 per coin, and statistics indicate that there are 360,000,000 BLUR tokens in circulation.
As of 2:10 p.m. (ET) on Tuesday, there were 8,798 unique addresses holding BLUR tokens, with approximately 18,900 transfers having taken place. The Blur marketplace has emerged as a top NFT market in recent months, competing with Opensea, the largest NFT market.
However, Looksrare, another competing NFT market, also garnered attention with an airdrop of its market’s token called LOOKS, but volumes have subsided since then. By 2:33 p.m. on Tuesday, BLUR rebounded and hit the $0.602 per unit range.
What are your thoughts on the recent BLUR token launch? Share your views on this subject in the comments section below.
