Blur, an NFT marketplace that has climbed the ranks to disrupt the market, has finally launched its long-awaited native token. The token’s launch has been eagerly anticipated, with the platform’s trading volume skyrocketing over the last month, currently making it the top marketplace by trading volume. Here’s everything you need to know about Blur’s recent rise to NFT stardom and the success of its $BLUR token launch.
Blur’s Rise to NFT Stardom Causes BLUR Price Explosion
Blur’s success is largely due to its strategy of targeting a specific demographic of Web3 users: pro traders. The marketplace’s low-fee, royalties-optional approach, along with its high-volume trading, has attracted much fanfare among active traders.
Blur has seen an impressive $671.3 million in trading volume in the last 30 days and $113.39 million in the past 24 hours alone. This is despite only having a collective trading volume of $301 million between its launch in October 2022 and the end of December. While Web3 giant OpenSea consistently has more daily active users, Blur is currently far surpassing it in trading volume.
$BLUR is the marketplace’s ERC-20 governance token, with a maximum supply of 3 billion. The platform has been rewarding users with $BLUR tokens through airdrops over the last few months, building anticipation for the token’s launch and causing BLUR’s price to explode.
The first airdrop was for anyone who traded NFTs on Ethereum in the six months before Blur’s October launch. The second airdrop was for platform users who had listed NFTs on Blur, while the third was given to traders who placed bids on the platform. Blur has taken a unique approach to the royalties debate, allowing platform users to choose whether to enforce them or not, with those who choose to uphold creator royalties being rewarded with more of the $BLUR token.
Navigating Token Launches
Token launches can be risky, with malicious users looking to take advantage of the hype surrounding a launch. Blur has been careful to incentivize liquidity rather than volume, to avoid distorting metrics and producing a lower-quality product for its user base. With the $BLUR token launch, the platform has seen even greater success, hitting a market capitalization of $500 million within just four days of the launch.
Blur Price Technical Analysis and Price Prediction
Taking a closer look at the $BLUR price hourly timeframe reveals the token’s price movement over the past couple of days. The cryptocurrency currently broke through the previous high of $1.2080 that was set on February 16 and is now trading at $1.27 with an 8% gain for the day so far.
Plotting an extended Fibonacci level on this same high reveals the potential significant levels for BLUR. As observed, the cryptocurrency was rejected from the extended Fib 1.272 at $1.3944 earlier today. Since then, it broke down from the hourly 20 EMA and retested the horizontal support area between $1.1704 and $1.2072 in confluence with the hourly 50 EMA before breaking through this resistance, at least for the moment.
The level between $1.1704 and $1.2072 remains the immediate support of the crypto. Extended Fib levels of Fib 1.272 at $1.3944 and Fib 1.414 at $1.4921 are the next potential targets for BLUR.
The Future of BLUR
The Blur community’s ongoing, unfolding response to the $BLUR token is crucial. If the community continues to respond positively, the platform’s chances for continued success will be high. With its unique approach to syndication and its growing popularity among traders, Blur is poised to continue disrupting the NFT marketplace, solidifying itself as a new fixture in the NFT scene.
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