Tieshun Roquerre, known as Pacman, responded to Twitter chatter about whether Blur is responsible for the market’s downturn.
Pacman clarified that since its October 22 launch, rock bottom prices on some NFT collections have risen while others have fallen. He also pointed out that Blur injected liquidity into NFTs via their airdrop, leading to a rise in rock bottom prices. On the other hand, $40 million in liquidity was removed through the Azuki coin, causing a fall in rock bottom prices. Pacman also recognized that liquidity is the main factor influencing the movement of the market.
I don’t normally comment on these types of discussions, but I’ll say this:
We launched on October 22. Since then, some rock bottom prices have risen, some rock bottom prices have fallen.
One of the few times rock bottom prices rose together was when we injected liquidity into nfts via… https://t.co/8bsZcvDuD9
— Pacman| Blur.io (@PacmanBlur) Jul 5, 2023
The NFT market has been in a downturn for over a year, especially when compared to rising prices in 2021. Even the best collections are affected by the decline. For example, the floor price of Yuga Labs’ Bored Ape Yacht Club has fallen to 28 ETH (about $53,000), the lowest in more than 18 months and less than half its value at the start of the year, according to NFT Price Bottom data. . In addition, the rock-bottom price of Azuki, another popular collection, has plummeted following the mishap at the launch of a new set of NFTs by its maker, Chiru Labs.
Blur, the Paradigm-backed marketplace for professional traders, was blamed for the decline. Lior Messika, whose investment firm Eden Block is an investor in Yuga Labs, pointed out that NFT whales who previously identified as “gatherers” are now labeling themselves as traders or even “Blur farmers,” which has distorted the space. Brad Kay also attributed much of Azuki’s sellout to Blur’s lending platform.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We recommend that you do your own research before investing.
