Money Printer go BLURRRRR

Blur distributed 360 million token as an airdrop to traders today. That's a whopping $270 million.

Author

The Metadata
February 15, 2023

GM. We asked ChatGPT to tell us a joke about Blur to celebrate its token launch. Here's what they came up with:

Why did the digital artist sell their NFTs on Blur instead of other platforms?

Because they wanted to make sure their artwork was perfectly "unfocused" and "blurry" just like their eyes after staring at a computer screen for too long!

Anyway...Today we cover:

  • Market Update: Several collections are up

  • Money printer go BLURRRRR as airdrop begins

  • Today's Coolest Tweets

  • New Projects Corner

Market Update: Rektguys & Penguins Lead

We're seeing major price movements for several NFT collections today:

  • Rektguy +39%

  • Pudgy Penguins +17%

  • Otherdeed +15%

  • Doodles +10%

Part of this is triggered by expectations that people will sell their Blur airdrop to buy more NFTs. Will the positive momentum continue? Time will tell. We dive in on the airdrop next...

Money Printer go BLURRRRR

๐Ÿ’ฒ What to know: Blur, an NFT marketplace and aggregator on Ethereum, launched its token today.

Right out of the market, the token is priced at $0.76 and implies a fully diluted valuation of $2.3 Billion(!)

โ˜˜๏ธ In the weeds: Blur distributed 12% of its total token supply (360 million) as an airdrop to traders on its marketplace today. That's a whopping $270 million worth of tokens that were given out today. Already, 68,000+ people have claimed their airdrops.

The Blur airdrop was not a surprise. They have been running an incentive program for the past 3 months, allowing anyone to earn "care packages"/points for providing liquidity on the marketplace. Traders who were paying attention "farmed" these incentives by listing their NFTs and making bids on top-volume collections.

Some people made over a million dollars on this:

A few interesting things:

  • Blur required everyone to tweet about their airdrop in order to claim the tokens. This makes it easy to track people's wallets. Many denounced this as a breach of financial privacy.

  • People are buying into BLUR because it's one of the few ways to gain exposure to a fast-growing NFT marketplace that can be a serious competitor to OpenSea. OpenSea is owned by private investors and is unlikely to launch a token.

Traders can continue to earn tokens by providing liquidity on Blur, in what they dubbed as "Season 2". Points earned during the next 30 days will be doubled.

For the full tokenomics of Blur, you can refer to this.

๐Ÿค‘ Why it matters: This is one of the largest airdrops in the crypto space. The next natural question is: What will people do with their new windfall? And where will the money flow next? Will they dump their tokens to buy more NFTs? (or not)

We think this is an overall positive for the NFT market and will give it a boost. The token price will be volatile. As with all airdrops, it's a battle between airdrop sellers and new buyers. It's a great time to keep an eye on the NFT markets and watch if the capital flows..

Congrats to the Blur team a successful token launch!

Today's Coolest Tweets

๐Ÿฅ Cozomo de' Medici donates a fine art NFT collection to LA Museum

๐Ÿฅ All about Braindrops, an AI generative art platform

๐Ÿฅ Bitcoin NFTs now have an auction marketplace

๐Ÿฅ Lots of grifters in the space โ€” buyers beware

๐Ÿฅ Most of the people who got the free NFT mint during the Super Bowl commercial are likely already NFT degens.

New Projects Corner

๐Ÿฟ (Art) Chainspace mints on Feb 16

๐Ÿฟ (PFP) OliveX auction runs for 3 days (supported by Animoca Labs)

๐Ÿฟ (Music) Noise DAO's first music NFT collection on Feb 21

๐Ÿฟ (Game) Something brewing for The Beacon on Feb 20

๐Ÿฟ (Photography) Justin Aversano will be minting his works on BTC

That's it for today folks, see you tomorrow. If you want more, follow us on Twitter (@the_metadata).  And if you aren't already a subscriber, join us now to get all the daily alpha you need.

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Disclaimer: This newsletter is for educational purposes only. None of this is financial or investment advice. It is not a solicitation to buy or sell any assets. Minting and buying NFTs is risky. Please do your own research.