NiftyNoon: Will the end of Blur's elevated NFT rewards crash the market?

The end of Blur’s elevated bid incentives has the market in panic (May 1, 2023)

Nifty Thought

• Blur’s impact on the NFT market is undeniable at this point. With bid pools providing instant liquidity for floor NFTs the entire market has warped to valuing NFTs at the floor for the liquidity premium. In other words, these non-fungible tokens have suddenly become quite fungible. The room for mid-tier NFTs to command a premium over floor has been decreasing. At the same time, bid pool walls have an outsized impact on prices with some collections being pumped and dumped rapidly as a result.

• Many people speculate the end of elevated rewards for Blur season 2 bidding and listing will cause a decrease in bid pressure across the board. It seems that this has already happened in anticipation of these slashed rewards. Furthermore, the rise of automated Blur bidding systems has created room for farmers to efficiently manage bids and farm points at minimal risk to themselves. These systems likely account for a significant portion of live Blur bids and are unlikely to be pulled, even as rewards diminish.

• Therefore, the market impact of the end of elevated rewards is likely to be minimal at this point. Rather, there is more potential for something such as a trait bidding feature to shake up the market, particularly if Blur decides to further incentivize its use.

Highlighted News

• Blur important changes to be announced May 1st:

  

  https://twitter.com/blur_io/status/1651964504148959236?s=46&t=dHHZdw5L70boHRGaM55SSw

• Bored Ape Yacht Club posts teaser for HV-MTL combinations:

  

  https://twitter.com/boredapeyc/status/1652006209308819457?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

Project and Community News

• Yuga Labs appoints Mike Seavers, former EVP of development at Epic Games, as CTO to help lead its growth strategy:

  https://twitter.com/coindesk/status/1651934947123372034?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• Walt’s Vault shares mint is on May 3rd:

  https://twitter.com/waltsvault_nft/status/1652658167459790850?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• Kevin Rose posts about Moonbirds X MONA coming soon:

  https://twitter.com/kevinrose/status/1652011232944062465?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• Manifold share they have now added $ PEPE as a currency on the platform:

  https://twitter.com/manifoldxyz/status/1652074457681530881?s=20

• Doodles the Stoodio, the central hub for Doodles and member home base, beta opens tonight:

  https://twitter.com/doodles/status/1652028295117172736?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• Camol announces that he plans to leave Sappy Seals, with next Friday being his last day with the company:

  https://twitter.com/camolnft/status/1651602120246697991?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• Memeland shares updated Raids rules:

  https://twitter.com/memeland/status/1652396127784935424?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• Mastercard to expand crypto card program by seeking more partnerships with crypto exchanges:

  https://twitter.com/watcherguru/status/1651943445580136449?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

• 248 Doodles dumped onto one bidder for 694E:

  https://twitter.com/CirrusNFT/status/1652560713481863168?s=20

• Wonderpals bid up from .23 to .33 before someone dumped 800:

  https://twitter.com/punk9059/status/1652051691209121792?s=46&t=Hb-nBT0zonE82bFfQEj7Cg

Quick Stats:

• OpenSea Daily Volume: 2,581 ETH (▲ 11.25%)

• Blur Daily Volume: 6,806 ETH (▲ 26.51%)

• BTC: $28,548.12 (▼ 2.27%)

• ETH: $1,847.07 (▼ 2.81%)

• Solana: $22.20 (▼ 5.36%)

• Polygon: $0.98 (▼ 1.85%)

NFT Daily Winners:

• 🦉 Moonbirds: 2.57 ETH (▲ 1.99%)

• 🥃 Proof Collective: 6.80 ETH (▲ 1.49%)

• 🧬 Clone X: 2.96 ETH (▲ 0.72%)

• 🏳️‍🌈 Chromie Squiggles: 9.00 ETH (▲ 0.11%)

• 🚬 CryptoPunks: 49.99 ETH (► 0.00%)

• 🐈‍⬛ VeeFriends: 2.33 ETH (► 0.00%)

NFT Daily Losers:

• 🥔 Potatoz: 3.06 ETH (▼ 0.02%)

• ⛩️ Azuki: 14.77 ETH (▼ 0.03%)

• 🧟 Mutant Ape Yacht Club: 10.51 ETH (▼ 0.46%)

• 🧝🏼‍♀️ DigiDaigaku: 3.75 ETH (▼ 1.06%)

• 🌈 Doodles: 2.93 ETH (▼ 1.68%)

• 🏴‍☠️ Captainz: 7.55 ETH (▼ 2.33%)

• 🦧 Bored Ape Yacht Club: 47.30 ETH (▼ 3.35%)

• 🐧 Pudgy Penguins: 4.07 ETH  (▼ 4.00%)

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