Blur V2: Lowering Gas Fees, Amplifying Art
Blur rolls out the second iteration of its NFT marketplace, drastically reducing gas fees and introducing the ability to bid on distinct attributes within a collection.
After the introduction of a lending protocol and a deferred payment feature, Blur's novel functionalities are expected to further cement its leadership in the marketplace and enhance user engagement. The substantial reduction in gas fees is particularly crucial since, despite the absence of trading commissions, NFT traders and creators consistently grapple with considerable costs. The marketplace has managed to slash these expenses by nearly 50%, which equates to approximately $15-18 given the current market conditions.
Another facet of the update is designed to widen trading horizons. It offers the capacity to make offers on specific visual attributes, mirroring collection betting but with a more pinpoint focus, thus enabling users to trade more dynamically. To guard against fraudulent activities, an oracle will verify every successful deal to ensure it matches the selected attribute, considering attribute swapping is a common occurrence with dynamic NFTs. Yet, the marketplace advises traders not to over-rely on this verification process, as it is presently in its beta stage.
Bidding on specific collection attributes. Source: Blur’s official website
Trading with this new tool within a limited selection of collections enables users to accumulate points on the platform. The amount of points depends on the difference between the proposed bid and the average bid. Simply put, the higher the bid and the more items with the chosen attribute, the more points the user garners. To prevent people from gaming the system by placing maximum bids or exploiting other aspects of the reward mechanism, Blur has set some boundaries.
Broadly speaking, many users have greeted these updates with enthusiasm, while others have lambasted the NFT marketplace for its liquidity crunch and the lack of practical application for a great many tokens available in the market.
Users' comments. Source: Blur's official Twitter account
Blur may not be offering anything groundbreaking, but it keeps luring users with regular updates, a user-friendly interface, and no trading fees. Such a development strategy has propelled the marketplace into a leadership position. However, the question remains: are the developers prepared to keep the project running without a steady income for an extended period? This query remains unanswered at the moment.
