“Everyone is watching the BLUR airdrop today and waiting to see how the market will react,” Zeneca, well-known Web3 educator and Blur investor—and former advisor—told nft now.
Traders on Blur have been able to amass $BLUR in an open-ended second season for most of 2023, earning by listing, bidding on, and lending against NFTs, with additional rewards for trading high-value collections—and for keeping your trading on Blur’s marketplace.
Assuming that today’s announcement from Blur will open claiming for season two’s airdrop, it’s unknown whether this cash injection will be a net positive or negative for the space, according to Zeneca.
“On the one hand, we have a large amount of money entering the NFT ecosystem, which could flow into NFTs and see floors rise. On the other, we’ve seen a lot of bidders pull their liquidity away, resulting in floors dropping,” he said.
This effect is already taking place, leading to volatility across PFP collections—but for some, the removal of liquidity that is primarily there to farm rewards is a good thing for projects and communities.
“The sudden pull of blur bids and dump of farmer-held NFTs will cause a drop across the markets today. Season 3 blur announcements should be interesting… Despite the drop in floor price, is anyone else refreshed to see bid walls like this again? Fake liquidity is not it,” collector DGMD posted on X today.
There are 300 million $BLUR available for traders to claim; as of today, the token’s price has risen by nearly 80 percent in the last month to $.34, but that price is still only a third of $BLUR’s February price of $1.
However, the approaching end of season two may have magnified Blur’s potential to depress prices when liquidity moves elsewhere. This is compounded by other attractive venues for the dedicated airdrop farmer, such as SocialFi platforms like friendtech, New Bitcoin City, and frenpets. Big farmers go where the action is.
Tonight’s announcement will be a pivotal moment for Blur, which gives it the opportunity to reward farmers and ordinary traders alike while giving the space a “stimmy.” Will the airdrop’s value and Blur’s future plans be enough to keep and win back its biggest traders?
“A lot depends on if there’s a season three and what announcements Blur has moving forward. One way or another, it’s going to be a very interesting 24-48 hours for the NFT space,” Zeneca said.