In a highly anticipated move, Blur, a prominent NFT marketplace, is scheduled to unlock approximately 196 million BLUR tokens today. This represents around 6.5% of the total supply, leading to a significant 40% increase in the circulating supply. As the unlock approaches, the crypto community eagerly awaits the impact it will have on Blur’s ecosystem and the wider market.
The unlocking event encompasses various allocations, with over 115.6 million BLUR tokens designated for past and future core contributors. Additionally, 75.4 million tokens are allocated to investors, while advisors will receive 4.9 million tokens, according to Token Unlocks, a reliable source for tracking token releases.
Notably, a recent funding round bolstered Blur’s financial position, securing an impressive valuation of $1 billion. During this funding round in February, Blur successfully raised between $15 million to $30 million. Well-known investors such as Paradigm, eGirl Capital, 0xMaki, and LedgerStatus participated in Blur’s earlier seed round, which raised $11 million in March 2022.
As the token unlock nears, market observers have taken note of the activity of certain key players. One individual, identified by the pseudonym “0x06cD,” has shown significant involvement in the BLUR market, according to Lookonchain data. Since April 4, this user has withdrawn a total of 10.5 million BLUR tokens ($3.36 million) from OKX. Currently, they hold an impressive 13.5 million BLUR tokens, ranking them as the 8th largest holder.
Further scrutiny has fallen on recent transactions conducted by other individuals. One such case involves an Ethereum address named Oilysirs.eth, who purchased 100,000 BLUR tokens for 20 ETH, equivalent to $35,000, just two days ago. Impressively, this individual had previously reaped substantial profits from BLUR trades, amassing 455 ETH ($792,000).
Another address, “0xfcef,” drew attention after it removed 1.9 million BLUR tokens from liquidity and subsequently sold them at $0.31 per token. It is worth noting that this address had received BLUR tokens from another address, “0x8129,” which has a history of generating profits by purchasing tokens at low prices and selling them at higher prices.
The unlocking of BLUR tokens is not the only event capturing market attention this week. Several other projects are also scheduled for token unlocks in the coming days. These include 187.5 million BIT ($80.6 million), 37.5 million LOOKS ($2 million), 15.6 million APE ($35.6 million), and 18 million IMX ($11.4 million).
As the crypto community eagerly awaits the unlock of BLUR tokens, speculations about the potential impact on Blur’s market and token price continue to circulate. The influx of newly unlocked tokens could result in increased selling pressure or heightened trading activity, leading to volatility in the market. Traders and investors alike are advised to exercise caution and closely monitor the developments in Blur’s ecosystem and the wider NFT market.
