Ethereum-based NFT collectibles like Pudgy Penguins and Bored Ape Yacht Club are on the decline after Blur farmers voiced their opinions.
The scenario appears to be no different in the case of competitions. For example, DeGods are down 32%, while Azuki is down around 15%. CryptoPunks is also down 13%, reminiscent of where it was trading at the end of last year.
NFT marketplace Blur took part in an airdrop farming scheme that brought users in for rewards, which was removed and boosted by Blast. According to traders, this will be similar to the upcoming token belonging to the Blast layer 2 network. It is scheduled for June 26, 2024.
Blur users will be given the opportunity to earn points through an NFT bidding process while providing lending liquidity through the Blend protocol. The incentive scheme introduced by Blur was mired in controversy because liquidity did not indicate real demand, alienating prospective collectors.
Recently, more than $16 million was withdrawn from the Blur bidding pool, representing a fifth of the accessible buy-side liquidity.
Major Blur farmer CBB0FE is responsible for the massive withdrawal. We have collected over 3 million points.
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