Blur Airdrop Ends: A Huge Wealth Effect for the NFT Community

In the early morning of February 15, 2023, the highly anticipated Blur Airdrop event finally concluded, distributing 360 million Blur tokens to the NFT community and Blur users. According to community feedback, many users received hundreds of thousands of Blur tokens, and even non-heavy users received airdrops worth thousands to tens of thousands of dollars, once again triggering an unprecedented wealth effect.

Data shows that as of February 15 at 13:00, 80.15% of the Blur Airdrop has been claimed. Among them, 35.8% of the airdrop amounts are between 100 and 1000, 39.6% are between 1000 and 10000, and 7.8% are between 10,000 and 100,000. Currently, the three wallets with the largest airdrop claims have received 3.2 million, 2.97 million, and 2.5 million BLUR respectively, equivalent to USD values of 2.46 million, 2.28 million, and 1.92 million.

This airdrop is aimed at trading users, care package holders, and creators who participated between October 19, 2022, and February 14, 2023. Additionally, users who joined the waitlist in May 2022 or participated in the private test will receive an extra airdrop. The claim period is 60 days, and qualifications will be lost if not claimed by the expiration.

It is worth noting that this is only the first round of the Blur Airdrop. The second round of the Airdrop has already begun, and users who place bids and list NFTs on the Blur platform from now until March 14 can earn double points. Users who missed the first round of the Airdrop still have a chance to participate in the second round.

Blur First Round Airdrop Details

On the eve of the airdrop, several centralized exchanges have announced their listings, and market expectations are high. Community users are also actively searching for the Blur token contract address. Observations show that the cryptocurrency market maker Wintermute's multi-signature wallet received 15 million Blur tokens before the airdrop, leading to speculation that it may be responsible for Blur's market-making activities.

The airdrop was originally scheduled to start at 1 AM on February 15, but was postponed to 2:30 AM due to unforeseen circumstances. After going live, the price of the Blur token quickly surged on various exchanges, reaching as high as $8-10 at one point. Due to the overwhelming number of users, the Blur official website temporarily crashed and only returned to normal after half an hour.

The Gas fees on the Ethereum network have also skyrocketed to around 1000 Gwei. Within 24 hours, the Blur Airdrop contract burned 980 ETH, ranking first in the entire network.

As of the airdrop, the Blur platform had a total of 146,823 users engaging in NFT transactions, processing over $1.18 billion in GMV since its launch, excluding false transactions.

Economic Model Analysis

The Blur token is issued by the foundation, with a total supply of 3 billion tokens, planned to be fully released within 4-5 years. The distribution ratio is as follows:

• 51% allocated to community members
• 29% allocated to core contributors, released over 4 years
• 19% allocated to investors, released over 4 years
• 1% allocated to advisors, released over 4 years

The release speed is: 40% in the first year, 30% in the second year, 20% in the third year, and 10% in the fourth year.

The first round of Airdrop distributed 12% of the tokens, with an additional 39% to be allocated through contributor grants, community initiatives, and incentive programs. Of this, 10% has been allocated to the next round of incentive budget.

Blur plans to propose a protocol fee rate (up to 2.5%) after 180 days, to be decided by the community.

This economic model aims to maintain platform liquidity through continuous incentives, avoiding decay after a one-time release. Multi-stage incentives help cultivate users' long-term usage habits and enhance platform stickiness.

Governance Mechanism

BLUR token holders have governance rights within the protocol. The Blur Foundation assists in facilitating community-led governance and DAO participation. The governance process includes off-chain proposals, forum discussions, Snapshot voting, on-chain proposals, and execution.

Proposals are divided into core types, process types, and information types. To initiate an off-chain proposal, at least 100,000 BLUR tokens and 30 million affirmative votes are required to enter on-chain voting, and 120 million affirmative votes are needed for execution.

To improve efficiency, Blur DAO has established a Security Committee, a Market Committee, and an Incentive Committee, responsible for different aspects of management.

Market Cap Comparison

Currently, the circulating market value of BLUR is approximately $294 million, with a total market value of $2.428 billion. In comparison:

• X2Y2 circulating market cap is $25.9 million, total market cap is $144 million.
• Looksrare circulating market value is 130 million USD, total market value is 280 million USD.
• Opensea's primary market valuation is $13.3 billion

NFT market share in the past 3 months:

• Blur: 33.54%
• Opensea: 33.12%
• X2Y2: 22.39%
• Looksrare: 10.55%

Although Blur holds the highest market share, its fully diluted market capitalization is only one-fifth of Opensea's valuation, indicating a certain level of undervaluation. Compared to X2Y2, Blur's market share is 1.5 times that of X2Y2, but its circulating market capitalization is 10 times higher, partly due to the support from well-known investment institutions.

Summary

The Blur Airdrop has brought considerable benefits to the crypto community while attracting more users to the platform. Its token economic model and governance mechanism focus on community interests, maintaining user activity through multiple rounds of incentives. Compared to other NFT platforms, Blur excels in product experience and market share, but its market valuation remains controversial.

Currently, the BLUR token is still being claimed, with a total trading volume of $702 million in the last 12 hours, with centralized exchanges accounting for the highest proportion. The secondary market price has stabilized after initial fluctuations. Users interested in participating in the second season Airdrop can visit the Blur official website to participate in NFT trading activities.