The non-fungible token (NFT) marketplace Blur’s native token $BLUR has been getting much attention recently, enjoying a sudden hike in the past 24 hours.
Gaining by more than 22% over the last day, $BLUR has entered the league of the top 100 cryptocurrencies in market capitalisation. This pulled the asset from its 110th place on CoinMarketCap to 99th largest crypto by market capitalisation. It is now worth $308 million, and at the time of press, is trading at $0.4077.
BLUR EXPLAINED
So what is Blur?
Tagging itself as the “fastest NFT marketplace”, Blur is built on Polygon, which is a layer-two scaling solution for Ethereum. It was launched in October 2022 to challenge OpenSea’s precedence in the market and heralds the goal of building a fair and community-driven platform for NFT traders and collectors.
Unlike other NFT marketplaces, Blur was designed keeping in mind pro traders with specific trading needs. On this platform, professional traders can browse and buy NFTs and digital assets from other marketplaces with instant liquidity, batch shelf, and floor-sweeping transactions, and order book NFT transactions.
Another reason behind Blur’s rising popularity was its decision to eliminate trading fees for both buyers and sellers. This was something that other NFT marketplaces did not offer, eventually pioneering a change in the sector where leaders like OpenSea followed Blur’s lead.
It also has an NFT aggregator, which aggregates tokens from multiple places like OpenSea, Rarible, SuperRare and others. These are some of the reasons why Blur quickly became the ideal trading platform for NFTs, overtaking OpenSea as the NFT market leader ranked by volume.
WHY IS BLUR UP TODAY?
On 22 June, $BLUR’s TVL (total value locked) reached an all-time high of $172 million. This could have potentially been one of the initial triggers for the coin’s sudden price hike.
At the time of press, its 24-hour trading volume was skyrocketing at over 1,170%. Changing hands for $0.4077 at the time of writing, $BLUR’s on-chain data also showed that its holders have risen by 0.34%. This accounted for 41,779 unique addresses.
The recent price movement can be tagged as its biggest show over the past month. The platform’s advanced features and functionalities has made it one of the go-to places for NFT collectors in the Web3.0 space.
Moreover, the role of $BLUR as a governance token has also helped in expanding its utility, eventually boosting its popularity and demand.
