Blur, the marketplace for non-fungible tokens (NFT), has introduced the second iteration of its platform, marking two notable improvements. The platform has made improvements by reducing gas fees by 50%. At the same time, they have added a bidding feature.
After this update, individuals who placed bids on Blur v1 must resubmit them to Blur v2.
Blur v2 release
According to Blur, the first update introduces Attribute Bidding, allowing traders to earn bonus points by placing bids on certain attributes within specific groups.
This feature aims to enhance the trading experience on the platform.
Additionally, Blur has reduced gas fees by 50%, which lowers NFT minting costs, which are estimated to be around $16.
With the introduction of Blur v2, bids previously placed on the previous version, Blur v1, are no longer valid.
As such, traders who previously placed bids on Blur v1 will have to re-submit on the updated Blur v2 platform.
(embed) https://www.youtube.com/watch?v=kPYESQ6briU (/embed)
One important update that Blur has introduced is the concept of attribute bid points. Traders can earn more points by bidding on specific attributes rather than just bidding on entire groups.
Also, while traders can bid on themes across all available decks, the potential to earn these trait bid points is Limited to specific NFTs like Punks, Degods, Miladys, and others.
Tough competition against OpenSea
Earlier reports from May 26 indicated that Blur had achieved a significant position in the NFT market, capturing 65.94% market share and outperforming rival OpenSea.
However, some critics have attributed Blur’s dominance to perceived conflict in the NFT market, claiming that it has reinforced the notion that NFTs are not unique but “alternative currencies with images”.
On July 4, Trevor Owens, general partner at Bitcoin Frontier Fund, expressed his concerns on Twitter about the ongoing competition between markets to control the “floor” of NFT prices.
The minimum price refers to the lowest priced NFTs within a given project.
Owens specifically mentioned the tactics Blur used, stating that they hurt the market. However, it remains to be seen if the release of Blur v2 will adequately address the negative sentiments circulating in the cryptocurrency community.