NiftyNoon: When Will the Blur Farming Meta End?

Blur has radically changed NFTs and this point it is not clear if things will ever change back (March 29, 2023)

Nifty Thought

• Blur has radically changed the NFT landscape with the push for royalty-optional ETH marketplaces, as well as bidding pools that provide NFT liquidity but also turn NFTs into effectively fungible tokens. While the $BLUR price has been quite volatile over the past month, people still have been farming diligently by bidding on NFTs. Sadly, this external incentive severely warps the market. People place bids on NFTs they actually do not want to buy. In fact, the most successful Blur bidding strategies view the actual purchase of an NFT as failure. This has resulted in many strange occurrences such as negative bid-ask spreads on heavily farmed collections.

• Furthermore, the introduction of significant liquidity for NFTs at the floor has created a situation where people are not highly incentivized to market buy projects above the floor. This has compressed prices across the board to the floor price. In other words, there is now a quantifiable liquidity cost for buying an NFT above the floor. Therefore, most NFTs in most collections simply sell at the floor price.

• The market impact of Blur will likely be durable so long as people view airdrop farming to be a worthwhile endeavor. Blur is highly unlikely to discontinue incentives to use their platform for the foreseeable future, so the only way this can end is through market consensus. This would likely manifest as a significant decrease in the price of $BLUR to a point where it no longer becomes financially viable to continue to bid farm.

Project News

• Blur delays April 1st product launch and extends Season 2 points doubling period:

  Blur @blur_io

  We’re working on something new. We originally wanted to launch April 1, but it’s going to take longer to build it right. As consolation, bidding and listing points for Season 2 will remain doubled until May 1. 🚨STAY TUNED🚨

  

• New York City’s renowned Guggenheim museum hires an associate curator focused on technology-based art:

  Guggenheim Museum @Guggenheim

  We're excited to announce our newly appointed LG Electronics Associate Curator, Noam Segal! 🎉 Part of the LG (@LGUS) Guggenheim Art and Technology Initiative, Segal will develop and support Guggenheim’s engagement with technology-based art. Learn more: gu.gg/3m72tsY

  

• Zora introduces a trending mints page:

  ZORA @ourZORA

  Introducing: Trending → top mints across multiple platforms. → real-time collector + mint stats. → instant + batch minting. Keep up with what's trending on ethereum. zora.co/trending

  

• Otherside teases more lore in advance of Legends of Mara:

  Othersidemeta @OthersideMeta

  Whatever’s falling from the sky can sure wreck a smoke break.

  

• MetaMask debunks March 31st airdrop and snapshot rumors:

  MetaMask 🦊💙 @MetaMask

  🚨There are quite a few false rumors going around about a MetaMask snapshot/airdrop/etc. on March 31. These rumors are not only false, but they are dangerous. They create opportunities for scammers and phishers. Please be on the lookout for fake sites in the coming days🙏

Community News

• SnowGenesis analyzes Blur bid spoofing showing a consistent decline in fake Blur bids:

  SnowGenesis @0xSnowGenesis

  We investigated whether bid spoofing was happening on @blur_io and if so, to what extent. TLDR (part1) Based on the results of our analysis, @PacmanBlur and the blur team have done a great job disincentivizing bid spoofing < 0.6% of orders failed due to bid spoofing

  

• NFTStats shares Blur impact on CryptoPunks volume:

  NFTstatistics.eth @punk9059

  The impact of Blur airdrop farming: The average punk (with at least one trade) has traded 9 times already in March. In the six-year history of punks, this number had never been above 1.7 (1/2 👇)

  

• Azuki community reflects on Bobu community proposals:

  ExpectedValue @ExpectedValue_

  It may be a bit before the next proposal, but as we have a little pause in the governance, I wanted to share some quick thoughts on one of the coolest things happening in @Azuki. 👀 Here's how I will be looking at @BobuBeanFarmer proposals going forward. 🧵👇(1/21)

  

Quick Stats:

• OpenSea Daily Volume: 5,523 ETH (▲ 12.69%)

• Blur Daily Volume: 14,100 ETH (▼ 7.87%)

• BTC: $28,399.19 (▲ 5.47%)

• ETH: $1,810.24 (▲ 3.35%)

• Solana: $21.17 (▲ 6.32%)

• Polygon: $1.14 (▲ 7.42%)

NFT Daily Winners:

• 🐈‍⬛ VeeFriends: 3.05 ETH (▲ 9.96%)

• 🧟 Mutant Ape Yacht Club: 13.11 ETH (▲ 5.01%)

• 🧝🏼‍♀️ DigiDaigaku: 5.68 ETH (▲ 4.19%)

• 🚬 CryptoPunks: 63.69 ETH (▲ 2.03%)

• 🦧 Bored Ape Yacht Club: 60.54 ETH (▲ 0.65%)

• 🧬 Clone X: 3.24 ETH (▲ 0.62%)

• ⛩️ Azuki: 13.60 ETH (▲ 0.17%)

• 🥃 Proof Collective: 9.49 ETH (► 0.00%)

NFT Daily Losers:

• 🐧 Pudgy Penguins: 4.35 ETH (▼ 0.32%)

• 🦉 Moonbirds: 3.18 ETH (▼ 0.35%)

• 🏳️‍🌈 Chromie Squiggles: 9.53 ETH (▼ 0.59%)

• 🌈 Doodles: 3.21 ETH (▼ 1.0%)

Notes:

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