BLUR drops 87% after unlocks 360 million tokens, admits NFT Wash trade’s native governance token dropped 87% after the marketplace unlocked 360 million tokens previously airdropped.

At the time of writing, BLUR has fallen over 80% to $0.63 from its all-time high of $5.01 shortly before the unlock.

Blur Admits NFT Wash Transactions

As reported by Ethereum News, some BLUR holders pointed to’s silence on the token’s tokenization system as the reason behind the demise.

Fuzzy price chart | Source: CoinMarketCap

Blur later admitted that there were fake transactions on the platform, artificially inflating the value of financial instruments by buying and selling financial instruments at the same time. Since launching in October 2022, they have processed $1.2 billion in non-wash volume.

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For the past four months, NFT Marketplace has been offering airdrops of BLUR tokens in care packages to traders and bidders. airdropped care packages in the first round to early traders migrating from the competitive market in October 2022, and then in rounds 2 and 3 for traders and bidders. Recipients of the following airdrops receive more tokens than previous airdrops.

Users can find the Rarible DAO

Despite user complaints, Blur announced an additional 2.64 billion BLUR unlock schedule. The project will release 39% of BLUR to the DAO treasury over the next four years.

Fuzzy Unlock Schedule | Source: Fuzzy Foundation

10% of these tokens will be used in an incentive program, which may help drive engagement along the lines of tactics used by rival Rarible.

Creator-focused Rarible is the first forerunner of a DAO-run NFT marketplace, incentivizing transactions by awarding RARI rewards to entities who bought and sold NFTs in the last week. RARI holders can also lock their tokens in a locking contract to earn veRARI for voting and privileges.

Initially, Rarible launched its RARI as a governance token to allow users to vote on market changes. The caucus has the prerogative to implement any proposal.

  • Blur Announces BLUR . Token Listing and Airdrop
  • Battle for NFT Market Share Escalates Between OpenSea and Blur

board pass

According to AZCoin News

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