BLUR, the native token of the Blur NFT marketplace, has seen a steep decline in value since the start of the year, fueling anxiety among investors about the token’s long-term prospects despite recent platform developments.
The altcoin reversed its upward trend in February after an impressive rally from Q4 2023, nearly erasing all gains from the previous rally as of this writing. Following the price drop, one BLUR holder, Altcoin Sherpa on X platform expressed regret for not selling his holdings in February when the altcoin traded for $0.70.
im not selling this blast airdrop
im going down with this ship
wish I had nuked my BLUR at $.70 like I was thinking, fml pic.twitter.com/ZYtCZCGAIx
— Altcoin Sherpa (@AltcoinSherpa) June 26, 2024
Meanwhile, BLUR’s price continued to fall despite developments within the parent project’s ecosystem expected to increase adoption. For instance, the NFT marketplace recently announced the start of season 4, allocating 500 million BLAST tokens for the season. Information on the Blur website indicates that the newly launched season will last until June 2025.
Notably, Blur added more activities expected to drive adoption, including incentives that allow marketplace users to earn points by bidding, listing sales, and lending. The points earned will determine users’ BLAST token allocation, alongside Blur’s announcement of the launch of the Ethereum L2 native yield and the Fullstack Chain.
Arthur Cheong, founder of DeFiance Capital, expressed surprise at Blast’s fully diluted valuation (FDV) of around $2 billion. He noted that given the trading volumes of previous layer-2 projects, he had anticipated Blast’s FDV to exceed $5 billion. The DeFiance Chief Investment Officer (CIO) observed that the era of highly anticipated projects launching with FDVs around $20 billion appears to be over.
BLUR traded for $0.2076 as of this writing, according to data from TradingView, reflecting a 75% drop from its yearly high recorded on February 19.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
