Blur’s non-fungible token (NFT) marketplace quickly saw success after it launched last year. It emerged as the leading marketplace, passing industry giants like Opensea and LooksRare.
The native $BLUR cryptocurrency has not been as successful. Its price has plummeted over the course of 2023.
However, for the first time in four months, BLUR is beginning to rally again. It is up almost 50% in the past week amid surges in NFT sales on the marketplace. Many BLUR price predictions anticipate this upward momentum to continue.
What is Blur?
Blur is an Ethereum-based NFT marketplace that specialises in meeting the needs of professional traders. After launching in October 2022, it quickly became the number one NFT marketplace by volume.
Setting itself apart, Blur’s unique features include zero fees and royalties for creators. The marketplace also offers order book-style transactions, as well as batch shelf and floor sweeping trades.
Blur also rewards its users’ engagement by providing airdrops. The initial airdrop targeted active NFT traders with care packages based on their trade volume.
The Blur.io team operates under pseudonyms, with the founder known as Pacman, who claims to be a developer in the Web3 space. Meanwhile, Zeneca, who is the founder of ZenAcademy and The 333 Club, is the director of the Blur Foundation.
The team claims to be from a diverse background with experience from MIT, Citadel, Five Rings Capital, Twitch, Brex, Square, and Y Combinator.
What is the BLUR token?
Powering the marketplace is BLUR, the native governance token. Investors can use their holdings to vote on key proposals impacting the ecosystem, for example whether to increase token incentives.
BLUR is also utilised for NFT creator royalties. It pays NFT creatives with royalties in the native token “as an incentive and strives to strike a fair balance between creators and traders”
Investors can access the NFT crypto through buying them on exchanges, participating in the marketplace, or via the airdrop rewards program.
BLUR’s price history
BLUR experienced extreme volatility on its first day of trading, according to CoinMarketCap. After opening at $5.56 on 13 February 2023, it skyrocketed to its all-time high of $45.98. It then closed at $33.62.
The token crashed back down and opened at the $5 mark the following day. However, this price point was still too inflated for traders and BLUR closed the day at $0.65.
Throughout the rest of this year, the NFT cryptocurrency continued to see a decline in its price.
Traders initially flocked to the Blur marketplace as they saw opportunities to flip NFTs to yield rewards. Investors were able to profit from flipping collections like Bored Ape Yacht Club (BAYC).
In a strategic move to bolster its market position, Blur introduced Blend in early May, a lending protocol governed by BLUR token holders. This protocol integrated with prominent NFT collections including BAYC, and allowed users to leverage their assets for substantial loans at minimal cost.
The following month Blur unlocked 196 million tokens, valued at $62.3m, into the market. This release, constituting around 40% of the token’s circulating supply, resulted in a sell-off that pushed the price down to a low of $0.29.
By July, the initial hype surrounding Blur’s marketplace had significantly died down, with a noticeable drop in market activity. The early adopters, or ‘whale traders’, who had initially capitalized on the platform’s reward system, began to retreat as the profitability of their strategies diminished.
The market’s sentiment was further dampened by reports of NFT loan liquidations, primarily through Blur’s Blend platform. Influencers within the NFT community, such as Xero, criticised the platform for encouraging a culture of high-risk trading practices.
The BLUR token continued plummeting to new lows. At the time of press, its current all-time low is $0.15 on 12 October.
Recent BLUR news
The BLUR token has recently surged again in value, marking its first significant price increase in over four months.
According to data from DappRadar, the NFT market saw a 45% increase in momentum within a single day, with the total sales volume crossing the $18m threshold. Blur has claimed the lion’s share of this market activity, generating $10.65m in NFT sales, starkly overshadowing its closest competitor, OpenSea, which reported a trading volume of just $2.83m.
This upward trend was further amplified by news from OpenSea announcing it was letting go of half its staff.
As of 9 November, BLUR was trading at $0.355. The NFT cryptocurrency was up almost 53% in the previous seven days.
BLUR price prediction
While no new all-time highs were predicted, there were some optimistic BLUR crypto price predictions.
CoinCodex said there was “neutral” sentiment surrounding the NFT cryptocurrency. A total of 16 of its technical indicators pointed towards buying, while 12 suggested to sell.
Its BLUR price prediction for 2023 said it would drop to $0.31 in the next five days. However, the token was said to hit $0.37 in a month’s time.
Similarly, PricePrediction suggested an average price of $0.36 this year. However, its longer-term forecast was more bullish. Its BLUR price prediction for 2025 anticipated a maximum price of $0.91. This figure was expected to reach $1.41 the following year.
The site’s BLUR price prediction for 2030 averaged out at $5.43.
Meanwhile, DigitalCoinPrice anticipated the crypto to average out at $0.79 this year. Its BLUR price prediction for 2024 suggested it to reach $0.84 and climb to $1.28 the following year. By 2030, the BLUR token price prediction expected a maximum price of $3.67.
Finally, WalletInvestor’s BLUR coin price prediction gave a more mixed approach. The site anticipated a fall to $0.28 in a year’s time. However, BLUR was expected to eventually surpass the $1 mark in five years’ time.
Should I invest in Blur?
It depends. BLUR price predictions are fairly positive with the likes of DigitalCoinPrice and WalletInvestor anticipating the crypto to surpass $1 in the future. However, the cryptocurrency market is known for its volatility and you should never invest more than you can afford to lose.
Is Blur a good investment?
Despite only launching a year ago, Blur has quickly become the leading NFT marketplace. While its native cryptocurrency has not been as successful, CoinCodex said there is currently “bullish” sentiment for the token.Investors should be cautious and always conduct thorough due diligence.
Disclaimer: The information provided in this article is for informational and educational purposes only and should not be construed as financial advice. CoinNews and its authors are not financial advisors or experts. We recommend that you consult a professional financial advisor or conduct thorough research before making any investment decisions. Cryptocurrency investments carry a high degree of risk, and you should only invest an amount you are willing to lose. The opinions expressed in this article are those of the author and do not necessarily reflect the views of CoinNews or its affiliates.