The NFT market continues to expand thanks to multiple promotions and marketplaces. This time, NFT trading volumes (sales) surged by close to 160% last week as Blur rewards attract new users and NFT collectors. Crypto Slam reported that since the beginning of February 2023, the last week was the one with the largest number of buyers and sellers.
NFT Sales Skyrocket: Blur’s Effect
The NFT market experienced a very positive week as buyers entered the space in order to get some hot NFTs. As per Crypto Slam, there have been more than 112k buyers just on February 24, reaching the highest point of this year. Indeed, in January, for example, the highest point was on the 31st when there were close to 80k buyers.
It is worth taking into consideration that Blur rewards could be one of the main reasons behind the current surge in NFT sales. As explained by Yehudah Petscher from Crypto Slam, this is related to Season 2 of Blur farming.
On that matter, he mentioned:
“Blur rewards are still driving most of the action across the NFT space as Season 2 of Blur farming has now opened up. The offer and bid system allows for a gamified tug of war that, combined with high trading volume, can lead to price stability. Two days ago, we saw a sale of 71 Bored Apes for over 5,550 ETH, and witnessed the floor price of the collection remain stable.”
Blur has airdropped close to $300 million in extra tokens to loyal traders of its marketplace. The goal was to overtake OverSea as the largest NFT marketplace in the world. In recent days, they were able to do so and Blur became one of the most recognized marketplaces in the NFT market. Each BLUR was traded at almost $1 a few days ago.
As reported by CoinGecko, BLUR was traded close to $0.89. A few days ago, it even surpassed $1.30, becoming one of the largest cryptocurrencies in the market. The question is now related to what can happen in the future and whether there will be a possibility for this coin to continue growing. However, this will likely depend on how Blur deals with the current increase in demand for its services and whether the company is able to settle as the leading company in the market.
On Twitter, we could see many different accounts offering BLUR tokens to followers. There have been many NFT holders that received BLUR rewards and were using the coins to promote their accounts on Twitter and other social media networks. Nevertheless, it is worth taking these airdrops carefully as there might be impersonators trying to use the situation and attack users or steal funds from others.
Why are Non-Fungible Tokens Valuable?
But why are non-fungible tokens valuable for market participants? NFTs are valuable because they allow for the creation of unique digital assets that can be owned, traded, and verified on a blockchain network. Unlike traditional cryptocurrencies such as Bitcoin or Ether, NFTs are not interchangeable with one another because they represent distinct and irreplaceable items.
NFTs derive their value from a combination of factors, including scarcity, authenticity, and ownership. Since NFTs are unique and cannot be replicated, their scarcity can drive up their value. Additionally, the fact that each NFT is tied to a specific piece of digital content, such as artwork or music, can increase their perceived authenticity and value.
Moreover, NFTs provide creators and artists with a new way to monetize their digital creations, which can increase their perceived value. NFTs can be sold and traded on digital marketplaces, providing creators with a new revenue stream and collectors with a unique opportunity to own and display rare digital assets.
Finally, there have been many different companies embracing non-fungible tokens. Some of these companies included Ferrari, Gucci, Nike, Adidas, and many others.