Press Release The much anticipated Blur Airdrop finally kicked off on February 14, according to Dune Analytics Currently, more than 40,000 addresses have claimed Blur airdrops, with 8.2% of them receiving more than 10,000 tokens. Most users received between 1,000 and 10,000 BLUR tokens, with an average of 7,000 tokens distributed to all users. on CoinEx, the price of BLUR was approximately $0.8 on distribution day. Based on these numbers, the Blur airdrop provided users with an average of $5,600 worth of tokens, making it another airdrop legend after the Aptos airdrop.
Behind the Blur Boom; NFT’s Blue Ocean”
As a newcomer to the NFT market, Blur has been in the spotlight over the past year, gaining many fans through airdrop announcements since the project’s launch in March 2022. Meanwhile, its aggregation system, which allows for frequent trading, has gained widespread recognition among active NFT traders. In fact, Blur has overtaken OpenSea as the No. 1 NFT marketplace in terms of trading volume, illustrating the fierce competition in the NFT market.
Blur’s popularity shows that while there is great demand for NFTs, the market and its derivative tools are still underdeveloped: according to NFTGO data, the three top projects, specifically BAYC, CryptoPunks and Otherside We know that the market capitalization has already reached 2 millionETH. This is worth more than $3.1 billion according to real-timeETHprices; more than $3.1 billion according to ETHprices on CoinEx; more than $3.1 billion according to ETH
Nevertheless, the unique characteristics of NFTs make it difficult to accurately determine the value of each NFT. Like traditional collectibles, NFTs have different characteristics, and collectors may assign different price tags to NFTs depending on the attributes they prefer. The lack of a clear valuation method makes trading NFTs more difficult than trading FTs, which also hinders the market distribution of NFTs and results in reduced liquidity.
In addition, blue-chip NFTs are often overpriced and out of reach for individual investors, hindering the development of the NFT market: the #1 crypto bitcoin is quoted at $20,000, but individual investors can only purchase it on an exchange for $0.01 or even less The price of Bitcoin is $20,000. However, the Bored Ape Yacht Club (BAYC) has a floor price of 67 ; ETHand is worth more than $100,000, which is unaffordable for the average investor.
The NFT marketplace has continued to explore new ways to address these issues. This has led to the emergence of the NFT marketplace and the NFTFi category, which spans aggregators, lending, rental, derivatives, fragmentation, and oracles.
NFT marketplaces and aggregators
NFT marketplaces are considered the core of the entire NFT ecosystem. with NFT
many top projects are looking to deploy their own aggregators. Uniswap, better known as DEX, recently acquired Genie and launched its own NFT aggregator to support popular NFT marketplaces such as OpenSea, X2Y2, LooksRare, Sudoswap, Larva Labs, Foundation, NFT20, and NFTX. OpenSea also acquired NFT marketplace aggregator Gem, which aggregates platforms such as OpenSea, Rarible, LooksRare, X2Y2, NFTX, and NFT20.
NFT lending has emerged as an integral part of the NFTFi category, as many NFT holders wish to obtain temporary liquidity without selling their assets, thus increasing demand for NFT lending. Currently, there are two main models of NFT lending. Peer-to-Peer and Peer-to-Pool.
NFTfi is a leading provider of Peer-to-Peer lending services. This lending model allows the borrower and lender to negotiate all loan terms, including amount, term, interest rate, and clearing method. As a result, the interest rate spread is small and there is no exposure to oracle risk because no external oracle is required. However, Peer-to-Peer lending has a high time cost and borrowers may take a long time to find a suitable lender.
Many NFT lending platforms utilize the AAVE lending model and use a Peer-to-Peer method where the protocol matches both parties and makes decisions on behalf of the lender. While this approach is more efficient and allows for quicker matching, it is less capital efficient and results in large interest rate spreads. For example, if 1,000 of funds are available ETHis pooled, but the borrower only wants to borrow ETHwhen only 500 are available. In this case, the interest he/she pays will be equally distributed to all lenders, and the lender will receive much less interest payments. As a result, most of the funds in the pool will be underutilized. Additionally, in a peer-to-peer pool model, the platform might be run by the users. For example, BendDAO, a well-known NFT lending platform, experienced a liquidity crisis due to NFT liquidation during the market downturn