BLUR Token Tanks 80% Within Hours Of Long Anticipated Airdrop

  • NFT marketplace Blur’s airdrop went live earlier today after a three-week delay.
  • Users were able to unlock the Ethereum-based $BLUR governance tokens that they received over the past few months. 
  • The token’s price has decreased by more than 80% since its launch. 
  • The NFT startup has come out as a considerable rival of the popular NFT marketplace Opensea. 

Blur, the NFT marketplace for pro traders, airdropped its governance token earlier today after a delay of more than three weeks. The token’s airdrop was long awaited by the platform’s users, who have been accumulating the token since its launch in October last year. The platform has been described by many as a top rival of leading NFT marketplace OpenSea

Blur holders criticize the lack of tokenomics

The BLUR token has tanked more than 85% since its launch. The sentiment on crypto Twitter for the four-month-old NFT marketplace may explain this massive drop in the token’s price. Users on Twitter were quick to highlight the fact that the developers hadn’t published the tokenomics. 

Some users also raised objections about the wash trading on the platform. In a recent thread, Blur acknowledged the wash trading and claimed that the platform had seen $1.2 billion worth of NFT trading, excluding the wash trading. Additionally, several users complained about not being able to unlock their tokens. Data from CoinMarketCap shows that the token is currently trading at $0.61, down from its launch price of $5.01. 

Over the past few months, users of the platform received “care packages” that contained token allotments. The number of tokens varied depending on the level of engagement with the NFT marketplace. The allotment was made in three waves. Ethereum NFT traders who switched from a rival marketplace were allotted tokens in the first wave. The second and third waves saw token allotments for NFT sellers and bidders, respectively.

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