Blur’s governance token BLUR has experienced a significant drop of 98% in value just 20 days after its launch, according to data from CoinMarketCap. The NFT marketplace’s zero-fee governance token was highly anticipated and surged to almost $50 on the day of its release as community members claimed their airdropped tokens. However, the token’s price began to plummet almost immediately, with many holders distributing their holdings. Key momentum indicators reveal that many airdropped users were only interested in profiting from the tokens and selling them off, with significant distribution still ongoing. Despite the drop in value, Blur continues to record increased user activity and was responsible for 79.6% of the entire market sales volume in the last week. In contrast, OpenSea only contributed 15% during the same period. However, it remains to be seen whether the decline in Blur’s market share after the token AirDrop will result in a decline in NFT marketplace usage, which could potentially restore OpenSea to its previous level of prominence.
