The $BLUR airdrop has many crypto enthusiasts excited. Once people meet specific criteria, they may be eligible for airdropped tokens in one of three scenarios. However, the token is already down by over 80% since hitting exchanges.
For those unaware, Blur is one of the leading NFT marketplaces in the industry. It can rival OpenSea on a good day, although permanently overtaking it may prove rather tricky. That said, the platform often has a decent trading volume and very active user base. That volume and user count will likely increase due to this airdrop, as everyone wants to see what the buzz is about.
The Blur team decided to take an interesting airdrop approach. There are three ways to qualify:
- having traded in the first six months before the official release
- traders who actively listed on Blur in November 2022
- Traders placing bids on Blur (date TBD)
The latter part is rather interesting and will spark more NFT marketplace activity. Of course, anyone can become eligible for this upcoming airdrop, which will be up to twice the size of the amount received from trading in November 2022. Even so, the first and second requirements combine for 360 million tokens being distributed immediately.
That is a steep amount, and over 86% of it has been claimed already. That explains why several decentralized and centralized exchanges quickly listed the token. Airdropped assets can generate tremendous trading volume, and there is some good money to be made by those with a healthy risk appetite.
It is worth noting that $BLUR is off to a rocky start. Its initial listing price of $5 per token was unsustainable for obvious reasons. In the following hours, traders dumped $BLUR to a low of $0.46. However, it has rebounded since, pushing above $0.75 again.
It has a current market cap of $277 million – and a fully diluted cap of $2.3 billion thanks to the total supply being 3 billion tokens. That makes for a risky endeavor for anyone looking for quick profits.
Most of the $BLUR trading occurs on OKX, Bitubu, and Uniswap V3. Other major platforms supporting the asset include KuCoin, ByBit, Coinbase, and Gate.io. The notably missing platform is Binance, although that company may list $BLUR soon too.
It is not too unsurprising to see roughly half of the airdrop claimants sell their “free money” right away. Almost 67,500 users claimed $BLUR tokens, and 35,500 still hold the asset. Those holders are not necessarily claimants, as the token is freely available on exchanges.
The $BLUR token provides holders with governance rights, paving the way for a more decentralized approach.
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