Blur Season 2 To End In November
Arca Calls For Leading NFT Marketplace To Enable Trading Fees As BLUR Token Continues To Slide
By: yyctrader •NFT News
Blur, the leading NFT marketplace by volume, is set to end its Season 2 airdrop campaign on November 20, nine months after launching the open-ended program.
Blur incentivizes bidding, listing, and lending against NFTs on its platform with BLUR tokens, and its inaugural airdrop campaign was highly effective in capturing market share from then-leading marketplace OpenSea.
While praised by traders for boosting liquidity for popular NFT collections amid the bear market, the marketplace has faced criticism from collectors for leaving floor prices at the mercy of large farmers looking to maximize their points with little regard for art or community.
Meanwhile, the BLUR token is down more than 90% from its all-time high, which came shortly after the token launched in February.
Arca Proposes Activation Of Fee Switch
Digital asset management firm Arca has floated a proposal urging the activation of the Blur fee switch, meant to enhance the utility of the BLUR token.
When the BLUR token was initially released, its tokenomics included a 180-day freeze on governance voting and the implementation of a fee switch on the platform.
With the freeze at an end, Arca is now calling for the marketplace to start charging a 1% base fee on trades, which would be used to buy and burn BLUR. The proposal also includes tiered fee discounts for traders based on the BLUR holdings.