NiftyNoon: Is Blur Killing NFTs?

Many NFT pundits have rushed to Twitter to blame Blur for the NFT bear market (July 6, 2023)

Nifty Thought

• As NFT floor prices continue to fall, many online have taken to Twitter to point fingers at Blur as the root cause for the NFT bear market. While it is undeniable that incentives on Blur Lending (BLEND) and Blur Bids have warped the NFT market artificially, it is highly unlikely Blur itself has caused the NFT bear market. Ultimately, floor prices are dropping simply because there is not sufficient demand to keep prices up.

• There has undeniably been higher sell pressure from lend and bid farmers but it is important to acknowledge that they have also provided artificial buy pressure on the other side of the coin as well. Indeed, the ultimate cause for the NFT bear is simply a lack of meaningful reasons for someone to actually want to buy and hold most NFTs in the market.

Highlighted News

• Blur v2 is now live with two new updates:

  

  https://twitter.com/blur_io/status/1676634662339477504?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• The #1 Blur farmer just withdrew 7842 ETH from the Blur pool and rage quit farming after the trait bidding update:

  

  https://twitter.com/cirrusnft/status/1676643075446431744?s=46&t=-U_saQ2VBNrK23CgYkGksg

Project and Community News

• Blur farming incentives slowly boiling alive the NFT market:

  https://twitter.com/to/status/1676611543415267330?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• Pacman from Blur speaks out about declining NFT floor prices:

  https://twitter.com/pacmanblur/status/1676662995970150401?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• Farmers are now incentivised to bid on traits to get even more bidding points than just regular collection bidding:

  https://twitter.com/dingalingts/status/1676648916836847616?s=46&t=AWYC1fP0F60f9OPeRaP8Pw

• Blur really turned 95% of NFT collections into floors, crushed mid-rare values and then said “hey here’s trait bidding!!”:

  https://twitter.com/dingalingts/status/1676639247531642880?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• Surprised anyone is still farming Blur bids. For every 1E you lose from farming (dumping for loss, gas), you need ~5.8k $ BLUR airdropped to make up for it at today's price of $0.33:

  https://twitter.com/triplevodkasoda/status/1676677758876024832?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• 39 Moonbirds, 23 RTFKT Clones and 47 CyberBrokers joined the @AkiraReloaded collection:

  https://twitter.com/akirareloaded/status/1676338417993412613?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

Quick Stats:

• OpenSea ETH Daily Volume: 1,630 ETH (▼ 32.59%)

• Blur ETH Daily Volume: 7,005 ETH (▼ 39.36%)

• BTC: $30,821.61 (▲ 0.23%)

• ETH: $1,927.41 (▼ 0.38%)

• Solana: $19.59 (▲ 1.82%)

• Polygon: $0.68 (▼ 2.74%)

NFT Daily Winners:

• 🚬 CryptoPunks: 44.88 ETH (▲ 6.88%)

• 🌈 Doodles: 1.69 ETH (▲ 3.67%)

• 🦧 Bored Ape Yacht Club: 29.60 ETH (▲ 2.10%)

• 🧬 Clone X: 1.91 ETH (▲ 1.19%)

• 🧟 Mutant Ape Yacht Club: 6.19 ETH (▲ 0.41%)

• 🧝🏼‍♀️ DigiDaigaku: 2.80 ETH (► 0.00%)

• 🏴‍☠️ Captainz: 6.05 ETH (► 0.00%)

NFT Daily Losers:

• 🏳️‍🌈 Chromie Squiggles: 9.75 ETH (▼ 0.41%)

• 🐈‍⬛ VeeFriends: 1.76 ETH (▼ 1.77%)

• 🐧 Pudgy Penguins: 3.99 ETH (▼ 2.71%)

• 🦉 Moonbirds: 1.57 ETH (▼ 3.33%)

• 🥃 Proof Collective: 5.88 ETH (▼ 3.61%)

• ⛩️ Azuki: 6.88 ETH (▼ 3.80%)

• 🥔 Potatoz: 1.51 ETH (▼ 5.19%)

Notes:

• If you find quick daily NFT updates helpful, please feel free to subscribe:

• The content on this site is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice.

• Managed by @AxuETH, @NPapaellinas, @SpeedyGonzale87, @SSPxLEO and @xhuewa