Ethereum-oriented NFT collectibles like Pudgy Penguins and Bored Ape Yacht Club have been on a downward spiral since Blur farmers spoke out.
In the case of competition, the scenario seems to be no different. For example, DeGods is down 32%, while Azuki has seen a 15% drop. CryptoPunks is also witnessing a 13% decline, reminiscent of trading prices at the end of last year.
NFT marketplace Blur has been involved in an airdrop farming scheme, where users receive rewards removed and boosted by Blast. In the opinion of traders, this will be similar to the upcoming token belonging to the Blast Layer 2 network. This is scheduled for June 26, 2024.
Blur users will have the opportunity to acquire points through the bidding process on NFTs, as well as provide loan liquidity through the Blend protocol. The incentive program introduced by Blur is controversial because liquidity does not mean actual demand, alienating potential collectors.
More than $16 million has been withdrawn from the Blur bidding pool recently, representing a fifth of the available liquidity on the buy side.
CBB0FE, a leading Blur farmer, is the reason behind major withdrawals. He has managed to collect more than 3 million points.