Why Collecting NFTs is Becoming Less Fun with Blur’s Impact on the Market

Why Collecting NFTs is Becoming Less Fun with Blur’s Impact on the Market

Time Stamp: March 25, 2023 4:08 AM
Source Node: 2033474

SNEAK PEEK

  • Blur, a new platform in the world of Non-Fungible Tokens (NFTs), is causing a stir among collectors and investors.
  • Blur’s fractional ownership and speculation options allow investors to create synthetic copies of rare NFTs.
  • The Blur token is currently experiencing a bearish trend, with its price decreasing by approximately 3.99% over the past 24 hours.

In the rapidly evolving world of Non-Fungible Tokens (NFTs), a new player has emerged that is causing quite a stir among collectors and investors alike. Known as Blur, this platform has been making waves for all the wrong reasons, as it has been accused of making the process of collecting NFTs much less fun.

According to a recent Twitter post by Hunter Solaire, who is a NFT strategist, has stated that, the introduction of Blur has caused a significant shift in the way NFTs are valued and traded. 

One of the main effects of Blur is the erosion of the “floor” prices for NFTs, which are the minimum prices that sellers are willing to accept for their tokens. As more NFTs are listed on Blur and traded at lower prices, the floors for similar NFTs on other platforms are also lowered, creating a downward spiral of valuations.

In addition, Blur has also contributed to the devaluation of rare NFTs, which are meant to be unique and scarce. Due to Blur’s fractional ownership and speculation options, investors can easily create synthetic copies of rare NFTs and trade them at lower prices than the original owners. This undermines the authenticity and value of rare NFTs and discourages creators from making more of them in the future.

In another tweet, SD, the founder of NFEX, expressed concerns regarding the participation of inexperienced farmers in the community without conducting thorough research about their potential opponents. SD stated that many novice farmers have joined the group without properly investigating who they may be up against.

In a series of tweets, the founder of NFEX suggested that the manipulator in question should be closely monitored. The founder went on to explain the tactics used by market manipulators, noting that they typically bid on collections of 30 to 80 items and increase their bids rapidly and substantially within a short timeframe.

Based on CoinMarketCap’s data at the current time, the Blur token is experiencing a bearish trend as its price has decreased by approximately 3.99% over the past 24 hours, with its current trading price being $0.5415.

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