In a recent move, the Blur NFT marketplace has released nearly 50 million Blur tokens. These tokens are worth approximately $32.29 million. This transfer has resulted in a significant rise in the NFT market.
Blur’s Token Release
The renowned NFT marketplace Blur has recently transferred 49.46 million Blur tokens to Coinbase Prime. In addition to that, this transaction showed a rapid boost in the market with an influx of assets. The company has moved 534 million tokens to Coinbase Prime since June 2023.
Subsequently, this recent transfer of 49.46 million tokens is part of Blur’s bigger strategy. Now, Blur has unlocked about 33% of its total supply. Also, the company plans to continue such transactions for the next four years in the NFT market.
Furthermore, the company will continue to distribute these tokens until June 2027, with sums allocated to contributors, investors, and advisors. Not to mention, these tokens have a greater scope in the market and are worth millions at their current prices.
The Surging Market with Blur Tokens
To begin with, the company was founded in 2022 and quickly gained popularity. It became an influential player in the NFT space with its offerings. Besides, it surpassed other NFT platforms like OpenSea in trading volumes.
The current influx of assets in the market and Blur’s past records helped the company attain a better position in the market. This also led to an upward trajectory for the NFT market. Notably, Blur’s price also experienced a nearly 16% rise due to the current events.
Experts are predicting that if this breakout continues, Blur could see an increase and potentially reach a level of resistance of $1.25. However, the market is a volatile space and there could be a price drop as well. A drop below the key support levels could lead to a price decline for the company.
Finally, the NFT space has seen some key moments due to Blur’s token influx and there is room for further growth. Strategic moves such as these can contribute to NFT market growth and innovation in the digital space.