NFT Backers Paid up to $200 in Gas Fees in Delayed Blur Airdrop

One trader received almost $2 million worth of BLUR tokens

article-image

Blur modified by Blockworks

share

Ethereum NFT pro traders can now claim their delayed airdrop of BLUR tokens.

Some traders paid as much as $200 in gwei gas fees for a long-awaited airdrop of BLUR on Tuesday, according to Blockworks Research

Blur has been gaining traction since its launch in October last year. Rivaling OpenSea, it is currently the largest NFT marketplace by trading volume and has the second-highest number of daily active users. 

Loading Tweet..

Blockworks Research analyst 0xpibblez said the airdrop caused “a very eventful day on Ethereum, sending gas prices towards nearly 1500 GWEI.”

Traders on Tuesday were able to sell BLUR for $5 a token, according to 0xpibblez — a ten-fold multiple on its $0.50 on-chain price. 

“Many speculators raced to arbitrage BLUR price differences on centralized exchanges,” 0xpibblez said. 

Beyond its core NFT marketplace functionality, Blur is also a marketplace aggregator, which allows users to browse NFTs across multiple platforms simultaneously.

Since its launch, the platform has been providing incentives for traders in the form of airdrops. 

Its first airdrop rewarded care packages, which could be exchanged for BLUR to NFT traders active in the bear market. Traders had to list an NFT on its platform to claim rewards. 

Its second airdrop implemented a similar approach and rewarded users for listing NFT sales on Blur.

Tuesday marked Blur’s final airdrop and the launch of its native BLUR token, which saw one trader earning almost $2 million worth of tokens.

The big remaining question will be whether the platform can continue to sustain its high trading volumes. 

“It will be interesting to see when BLUR governance goes live and how the holders will elect to give further utility to the token, whether that be through fee sharing or premium services,” 0xpibblez said.


Get the day’s top crypto news and insights delivered to your email every evening. Subscribe to Blockworks’ free newsletter now.


Want alpha sent directly to your inbox? Get degen trade ideas, governance updates, token performance, can’t-miss tweets and more from Blockworks Research’s Daily Debrief.


Can’t wait? Get our news the fastest way possible. Join us on Telegram and follow us on Google News.


Tags

upcoming event

MON - WED, MARCH 18 - 20, 2024

Digital Asset Summit (DAS) is returning March 2024. This year’s event will be held in our nation’s capital, where industry leaders, policymakers, and institutional experts will come together to discuss the latest developments and challenges in the ever-evolving world of cryptocurrency. […]

upcoming event

MON - WED, SEPT. 11 - 13, 2023

2022 was a meme.Skeptics danced, believers believed.Eventually, newcomers turned away, drained of liquidity and hope.Now, the tide is shifting and it’s time to rebuild. Permissionless II is the brainchild of Blockworks and Bankless. It’s not just a conference, but a call […]

recent research

The State of LSTFi

Research

There are five broad use cases for LSTs that are gaining traction alongside growth in demand: leverage farming, liquidity providing, LST baskets, stablecoin collateral, and interest rate derivatives.

/

article-image

Alexander Vinnik’s lawyers aim to swap his freedom for detained WSJ reporter Evan Gershkovich

article-image

This latest update will introduce immutability to token metadata but ensure that its key characteristics are preserved, and it will also introduce network fees

article-image

In a blog post, partly directed at the forthcoming Eigenlayer protocol, the Ethereum co-founder cautions against overloading consensus

article-image

Hunting for victims in Ethereum’s public mempool, automated searchers prey on transactions as they are discovered in a practice called MEV

article-image

The crypto exchange that filed for bankruptcy last November would endure a long road to raise funds, clear debts and gain trust, law pros say

article-image

The broadcasters were discussing Hong Kong’s new regulations for virtual asset trading platforms set to go into effect June 1