NFT marketplace Blur has launched its much-awaited airdrop for traders who migrated to the platform from rival marketplaces.
In a Twitter post on Monday, Blur announced the opening of its “care packages” which went live on Feb. 14 at noon Eastern Time.
IT'S TIME FOR $BLUR
Care Packages can be opened on Feb 14 at 12PM EST, 1AM HKG, 6PM CET.
— Blur (@blur_io) February 13, 2023
The care packages represent token allotments to eligible users, distributed in three installments. The first wave was airdropped to Ethereum NFT traders who switched over to Blur’s platform from another NFT marketplace in October, the second wave was to users who listed their NFTs on Blur through November and the third wave was to traders who used Blur to bid on NFTs.
The airdrop itself was pushed back two weeks, with Blur tweeting on Jan. 19 that the delay would allow it to “deliver a launch that hasn’t been done before.”
Blur Airdrop: 360M tokens
Supply: 12% of total
Total Supply: 3 billion (?)
So if FDV comes in 50% above recent valuation at $1 billion, then FDV $1.5B would make:$BLUR price estimate = $0.5
— Kix.eth (@SpeculatorArt) February 14, 2023
Blur offered 360 million tokens through the airdrop, of which nearly 270 million BLUR tokens have already been claimed. Based on the current circulating supply, BLUR now has a market cap of over $200 million.
Some traders made a significant amount from the offering, with the top claimant earning $1.9 million from the 3.2 million BLUR tokens he received. Interestingly, however, analysis of wallet activity between the top claimant’s wallet and the second and third largest claimants reveal a series of interactions that would seemingly imply a coordinated effort to manipulate the system.
The BLUR token briefly spiked to a high of $5.02 after it was unlocked, but has since lost 85% of its value.
The OpenSea rival raised $11 million in seed funding, led by venture capital firm Paradigm, back in March 2022, and is in talks to raise more funds at a billion-dollar valuation, according to a report from The Block.