How Blur beat OpenSea

@blur_io was launched by @PacmanBlur on Oct 2022.

It has no marketplace fees, and enforces a 0.5% minimum creator royalty.

In 4 months, Blur has shaken Opensea’s domination.

Since it exploded onto the scene four months ago, Blur has disrupted the deeply entrenched power structure that has dictated the competitive dynamics among NFT marketplaces for a long time. After numerous miserably failed attempts to topple OpenSea have only bolstered the incumbent’s air of superiority, Blur has finally managed to break this pattern of defeat by genuinely threatening the giant’s dominance, which has turned into a standoff between David and Goliath.

The series of cleverly designed liquidity incentives, which have enabled Blur to take the NFT market by storm, have now culminated in the pinnacle of its growth strategy – the launch of the BLUR token. As part of its vision to function as the main steward for the pro NFT trading community, Blur puts the future development of its ecosystem into the hands of its users, which will be facilitated through a decentralized governance process.

To this end, the BLUR token will act as the decision-making instrument that will allow the community to set parameters essential to the platform’s value accrual mechanism. The token was airdropped to users in the form of Care Packages, which transformed into BLUR tokens on February 14th at 12pm EST.

To participate in the protocol’s governance, BLUR token holders need to delegate their token balance to an address, which can be their own or someone else’s. Voting power is proportional to the BLUR balance of an eligible address, including the delegated balance. To enact a standardized procedure, the governance process will be conducted by means of Blur Improvement Proposals (BIPs), which will need to pass a three-stage process.

First, proposals need to be posted on the research forum for the purpose of eliciting feedback from the community. Once the proposal is battle-tested, it moves to the second phase. In short, the second phase consists of a 14-day voting period, which only allows delegated community members with a minimum of 100K tokens delegated to submit proposals.

If the proposal passes with at least 30M yes votes, it advances to the third phase. Lastly, an on-chain execution vote containing the code to be implemented will be set up, which will require a simple majority with at least 120M yes votes at the end of the 14-day voting period in order to be executed.

Above all, the primary levers for the community to pull through the governance process would revolve around the issuance of treasury grants as well as the change of the protocol fee. In addition, three committees will chaperone the early community, which will be tasked with specific functions, such as ensuring adherence to guidelines or executing policy changes around royalties. 1

1/ Blur dropped its token on Feb 14. 2

The same day its trading volume exceeded OpenSea’s.

360M BLUR (12% of total supply) were distributed to holders.

Whether the momentum is sustainable remains to be seen.

Blur @blur_io

$BLUR is now LIVE All traders across all marketplaces in the last 3 months, Care Package holders, and Creators are eligible for the airdrop. You have 60 days to claim your BLUR ⏰