Blur, the NFT trading platform, faces blame for the recent NFT market crash as project prices plummet. But, is the NFT marketplace really to blame? Let’s dive in.
- Blur faces blame for the recent NFT market crash as project prices rapidly decline. Traders and notable figures in the space point fingers at Blur and its attractive trading model.
- Critics argue that Blur’s attractive model has fueled rapid NFT flipping, leading to concerns about market instability.
- Despite criticism, Blur has launched its v2 protocol with new features and rewards, without plans to change its model.
Blur Faces Blame For Recent NFT Market Crash
Significantly, the upstart marketplace that surpassed OpenSea as the leading Ethereum NFT trading platform, Blur, is now at the centre of blame for the recent NFT market crash. With falling prices of projects like Bored Ape Yacht Club, traders and notable names in the space are blaming Blur and its attractive trading model.
Blur entered the scene with a promise to cater to pro-NFT traders and offered a token airdrop to attract users away from competitors like OpenSea NFT marketplace. However, critics argue that this model has fueled the rapid buying and selling of NFTs.
The controversy surrounding Blur’s approach has grown as market trading volume has declined. Traders who initially benefited from the rewards model are now losing money. Crypto influencers on Twitter have voiced concerns about Blur’s impact on the market, with claims that Blur is spending millions to control the floor prices of NFTs. Thus, negatively affecting investors’ portfolios.
Trevor Owens and Xero, leading figures in the NFT community, have criticised Blur for incentivising risky behaviour. However, Blur’s founder, Tieshun “Pacman” Roquerre, responded to the criticism, stating that floor prices have fluctuated since the marketplace’s launch. Furthermore, he pointed to outside factors like the launch of the Azuki Elementals collection.
Despite the growing criticism, Blur has launched its v2 protocol. The v2 protocol has new features and rewards. There have been no indications from Blur’s founder of any plans to change the platform’s model. As the NFT market faces challenges, the role of platforms like Blur and their impact on market dynamics will continue to be debated.