Blur Founder Responds to Criticism Over NFT Market Floor Price Crash

2023-7-6 18:30

Blur Founder Pacman has defended his platform against allegations of it crashing the non-fungible token (NFT) market floor price.

While certain blue chip NFTs are near their yearly lows, the community has blamed the NFT marketplace Blur’s incentivization model for the fall in the market. Blur founder Pacman took to Twitter to defend his platform.

Blur Founder Pacman Defends The Platform

Pacman quote retweeted a community member’s tweet who was speaking against the “Blur killing NFTs narrative.” The Blur founder explained that some floor prices have gone up, whereas others have gone down.

He complained that the community would not give credit when the floor price increased with the Blur airdrop, which injected liquidity into the market.

What are the best upcoming airdrops of 2023? Read more by clicking here.

Lastly, Pacman lashed out:

“When asset prices are up, ppl don’t really talk about the root cause (ie blur injecting liquidity), but when they are down, the pitchforks come out.”

Blur’s Bid Incentivization Mechanism

The community members have blamed Blur’s bid incentivization mechanism. A Twitter user Trevor.btc argued:

“In the current bear environment, the flywheel of Blur’s bid incentive allows mercenary capital to destroy a project’s floor without any real holders selling, even as holder counts increase

Because farmers ONLY earn points by having bids active, they’re not incentivized to actually *buy* the NFTs they bid on

They NEED to dump as soon as any bids get accepted, so they can get ETH and replace the bids to earn max points”

Indeed due to large trading activities, the Blur marketplace dominates the NFT trading volume. According to the latest data from a Dune dashboard, Blur contributes 69.1% to the NFT trading volume.

Dune dashboard showing volume dominance of NFT marketplaces NFT Market Crash

Particularly after the controversial launch of the Azuki Elementals, the floor price of blue chip NFT collections started plummeting. On Sunday, BeInCrypto reported that the floor price of Yuga Lab’s Bored Ape Yacht Club (BAYC) fell by over 7% in 24 hours.

As of writing, the floor price of BAYC is around 30.65 Ethereum (ETH), almost trading at two-year lows. 

BAYC floor price chart. Source: NFTPRICEFLOOR

Got something to say about Blur founder Pacman or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or Twitter.

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

The post Blur Founder Responds to Criticism Over NFT Market Floor Price Crash appeared first on BeInCrypto.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Market.space (MASP) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 0 MASP

market floor crash blur nft price founder

Источник: beincrypto.com

market floor → Результатов: 95


Blue-chip NFTs hit hard as over 1,200 liquidations rock market

The NFT market experienced a significant shock in the past three days, with over 1,200 NFTs being liquidated due to a record-low plunge in the floor price of several prominent or ‘blue-chip’ NFTs Data from the NFT analysis site, Snow Genesis, shows that hundreds of NFTs used as collateral for loans are at risk of […] The post Blue-chip NFTs hit hard as over 1,200 liquidations rock market appeared first on CryptoSlate.

2023-7-4 16:51


What Is Floor Price For NFTs? NFT Metrics Explained

NFTs or Non-Fungible Tokens are specific cryptographic tokens that cannot be replicated. In 2021, we saw a real boom in the NFT market, and interest in them continues in 2022. Many NFT projects such as CryptoPunks and Bored Apes Yacht Club have driven the crypto community crazy and further increased interest in digital art and […] The post What Is Floor Price For NFTs? NFT Metrics Explained appeared first on CaptainAltcoin.

2022-2-24 14:25


дальше еще 46 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Magic Eden Surpasses Blur, Boosted by Bitcoin Ecosystem Surge

Magic Eden now leads in NFT trading volume, driven by Bitcoin Ordinals. The marketplace's volume surpassed Blur by $108 million, highlighting Bitcoin's rising influence in the NFT landscape. The post Magic Eden Surpasses Blur, Boosted by Bitcoin Ecosystem Surge appeared first on BeInCrypto.

OpenSea NFT Trading Volume Hits Historic 3-Year Low

OpenSea's trading volume in ETH NFTs has dropped to 600 per day, marking its lowest point since May 2021. As Blur gains, OpenSea struggles with only 21.3% market share. The post OpenSea NFT Trading Volume Hits Historic 3-Year Low appeared first on BeInCrypto.

Yuga Labs, Somnia to Optimize Metaverse Interoperability

Yuga Labs partners with Somnia to boost metaverse interoperability, offering Yuga NFT holders new ways to utilize their digital assets across diverse platforms and experiences. The post Yuga Labs, Somnia to Optimize Metaverse Interoperability appeared first on BeInCrypto.

Azuki NFT Sales Surge to Record Highs While Crypto Market Falls

Azuki NFT collection soared, reaching $1.13 million in sales on Tuesday, leading amidst a broader cryptocurrency market downturn, showcasing a strong, enduring interest in high-value NFTs. The post Azuki NFT Sales Surge to Record Highs While Crypto Market Falls appeared first on BeInCrypto.