Collectors Rejoice: Blur Token Launches to Revolutionize NFT Trading
Blur, the popular NFT trading platform, has recently made headlines with the launch of its native token, the BLUR ERC-20, marking a significant milestone for the platform. The token is an integral part of the newly created Blur DAO, which empowers the community to take control of the protocol's value accrual and distribution. The token allows traders to participate in the platform's governance protocol and profit from the marketplace's success through community ownership. Traders have 60 days to claim their airdropped BLUR tokens, which are currently trading at around 50 cents.
The Blur DAO was created to further decentralize the platform and put control of the protocol's value in the hands of the community. The DAO, which governs the Blur trading platform for NFTs, is a new era for NFT trading platforms, with an emphasis on community-driven governance and long-term sustainability.
Blur orchestrated three airdrops last year, delivering "care packages" to traders which contained an undisclosed number of blur tokens. On Tuesday, February 14th, the first opportunity for NFT traders to know how many tokens they had been awarded and to start trading them on the open market occurred.
The total supply of Blur’s native token will be capped at three billion, with algorithmic digital-asset trading firm Wintermute having already received 15 million tokens. The Block Research also reported that 12% of Blur tokens, or 360 million, will be distributed by Tuesday’s unlock.
Blur has been known for its low trading fees and its floor-sweeping function. Part of its rise to prominence could be attributed to last year's airdrops and the fact that Blur has been awarding its tokens to NFT traders based on how much they engaged with the platform.
In just four months since its launch, Blur has taken the NFT world by storm, experiencing remarkable growth with a whopping $1.2 billion worth of NFTs traded by 146,823 users on its platform. With a 24-hour trading volume of around $9.5 million, it comes in second place after OpenSea, a giant in the NFT marketplace.
Originally, the BLUR token was scheduled to release in January, but the launch was delayed until February 14th due to unforeseen circumstances. To protect collectors from potential phishing attempts and scams, Blur cautioned its users about scam links. The airdropping of the token was done through "care packages" sent to collectors who have previously traded an Ethereum-based NFT in the past six months. A total of 360 million BLUR tokens were airdropped, with 57% of the token's supply already claimed by over 200 million users.
Unlike other marketplaces, Blur initially targeted professional NFT traders. Even though it has added fuel to the ongoing debate on royalties by being a royalty-optional marketplace, it still trails behind OpenSea's trading volume numbers. However, the release of BLUR is a significant move towards decentralization, empowering the Blur community to influence crucial decisions regarding the protocol's value accrual and distribution.
The Blur DAO is like the brain of the Blur protocol, controlling its governance and management. And at the heart of this DAO lies the BLUR ERC-20 token, which provides the Blur community with a powerful voice in key decisions about how the protocol operates.
To become part of this decision-making process, users can delegate their BLUR tokens to an address, which lets them register their voting balances. The more tokens a user has or has delegated, the more influence they wield in the governance process.
Blur Improvement Proposals (BIPs) come in three flavors: Core, Process, and Informational.
Core proposals require on-chain actions, while Process proposals aim to change the DAO's implementation or decision-making process. Informational proposals provide general guidelines or information to the community.
The governance process in Blur is a three-step dance. In the first step, proposals are published on the Research forum for feedback and improvements from the community. Next, a 14-day voting period using gas-less Snapshot voting takes place. Proposals that get enough support move on to the third phase, where they are executed on-chain after another successful voting period. In this way, the Blur community gets a say in how their platform operates, ensuring that it continues to grow and evolve with their needs.
Imagine a world where the community holds the reins to a revolutionary protocol, driving it forward to new heights. This is exactly what BLUR tokenomics aim to achieve - a democratic system where the community is empowered and governance are transparent.
The BLUR protocol boasts an initial allocation of 3 billion tokens, distributed over a period of 4 to 5 years. A significant portion, 51%, is reserved for the community members, equating to 1,530,000,000 BLUR. In addition, past and future core contributors and investors are also rewarded with 29% and 19% of the token supply, respectively. Advisors with valuable insights are granted 1% of the tokens with a 4 to 5-year vesting period.
The community treasury plays an essential role in BLUR's governance, with 12% of the token supply, equivalent to 360 million tokens, up for immediate grabs by NFT traders, historical users of Blur with Care Packages, and creators across any marketplace from Oct 19, 2022, to Feb 14, 2023. Additionally, 39% of the supply is made available to the community, to be distributed through contributor grants, community initiatives, and incentive programs.
Moreover, 10% of the token supply is allocated to the next incentive release, with the possibility of additional allocations via governance vote if the incentive budget is utilized entirely.
BLUR's tokenomics is a bold step toward a community-driven future, where the community holds the power to drive progress and innovation.
The Committee In the bustling world of decentralized finance, community-driven protocols are a cornerstone of the future. One such protocol that has taken the NFT world by storm is Blur. As an NFT marketplace, Blur has been providing users with a platform to trade their digital assets for four months now. During that time, the Blur community has grown to over 146,000 users, who have already traded more than $1.2 billion worth of NFTs.
One of the hallmarks of the Blur platform is its DAO. The Blur DAO empowers the community to make decisions about the protocol's value accrual and distribution through the BLUR ERC-20 token. To ensure the DAO runs smoothly, Blur has established several committees that will play a critical role in governance.
The Safety Committee is the backbone of the Blur DAO, responsible for ensuring that proposals follow the governance process. They ensure the proposals are legitimate and do not pose any risks to the network.
The Marketplace Committee is another essential part of the Blur DAO, overseeing the platform's evolution and executing policy decisions around highly dynamic subjects like royalties.
Another critical committee is the Incentive Committee. As the name suggests, they are responsible for managing incentive programs for Blur users, with the power to utilize up to 10% of Genesis Supply for this purpose. Their role is to ensure that the incentive programs align with the community's needs and enhance the value of the Blur protocol.
With these committees in place, the Blur DAO can operate efficiently and make decisions that benefit the community. Through the Blur platform, users can participate in governance and make their voices heard in the NFT world. The Blur DAO's success is a testament to the power of decentralized finance and how it can empower communities to drive change in the digital asset space.
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The Blur DAO is an innovative and democratic governance system that empowers the community to have a say in critical decisions regarding the protocol's value accrual and distribution. With its transparent and efficient governance process, Blur DAO ensures that proposals are evaluated and executed in a fair and democratic manner. By providing committees that handle the technical aspects of governance, the Blur DAO streamlines operations and facilitates the transfer of functions to governance over time. With the release of the BLUR token and its community treasury, the Blur protocol is poised to become a leading NFT marketplace, setting an example for future decentralized platforms. As the Blur ecosystem continues to grow and evolve, the DAO's commitment to transparency, innovation, and community empowerment will undoubtedly ensure that the protocol remains at the forefront of the rapidly expanding NFT space.
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