Founder of the largest NFT marketplace raises $20 million for new blockchain

NFT marketplace Blur has launched its own blockchain

Developers want to reduce commissions when trading NFT tokens and create a convenient solution for derivative instruments

The head of the largest NFT marketplace Blur, Tieshun Rokerr, known under the pseudonym Pacman, announced the launch of a new second-level blockchain called Blast. According to the entrepreneur, the goal of the new project is to reduce commissions when interacting with NFT tokens, as well as create a convenient solution for derivative instruments for NFT trading.

The official announcement of the launch of the new blockchain states that the project has raised $20 million from investment funds Paradigm and Standard Crypto. At the moment, early users can earn additional revenue for Ethereum and Stablecoin staking on the Blast platform, as well as earn "points" (points) that can likely be used to earn rewards from the project in the future.

The announcement of the new blockchain came amid the end of another so-called "season" on the Blur platform and the distribution of the second airdrop to users in a year. Blur developers divided the whole process of token distribution into several time periods, calling them "seasons". To get an airdrop, users must be active on the marketplace and earn points, which can later be exchanged for Blur tokens (BLUR).

Airdrops are an effective way for blockchain services to attract an audience and likely increase the loyalty of users who receive rewards in the form of tokens. The free distribution of tokens helps to create a market for them, with most of their supply remaining with developers and investors, creating a financial base for the former and a source of profit for the latter.

A marketplace for NFT trading called Blur appeared in late 2022, and in late February 2023, it released its own token and organized its distribution among users. The long-awaited airdrop became a tool to attract traders and liquidity to Blur, which allowed the platform to capture a larger share of the market, while its main competitor, the OpenSea marketplace, had to adjust to the new rules of the game.

NFT market redistribution: how the Blur platform changed the rules of the game

Last week, cryptocurrency exchange OKX also announced the launch of its own blockchain. It was named X1 and will run on Zero-Knowledge (ZK) technology.

This summer, the largest U.S. exchange Coinbase launched its second-level network called Base. The project quickly attracted the attention of users thanks to sensational memcoins and social applications.