Blur, the non-fungible token (NFT) marketplace, has introduced the second iteration of its platform, marking two notable upgrades. The platform has introduced improvements by reducing fuel costs by 50%. At the same time, they added trait auctions.
Following this update, people who placed bids on Blur v1 must resubmit them on Blur v2.
Blur version v2
According to Blur, the first update introduces Trait Auctions, allowing merchants to earn additional points by placing bids on specific traits in selected collections.
This feature aims to improve the trading experience on the platform.
Additionally, Blur reduced gas fees by 50%, resulting in lower NFT minting costs, estimated to be around $16.
With the introduction of Blur v2, bids previously placed on the previous version, Blur v1, are no longer valid.
Thus, merchants who previously submitted offers on Blur v1 must resubmit them on the updated Blur v2 platform.
A significant update introduced by Blur is the concept of trait auction points. Merchants can earn more points by bidding on specific traits instead of only bidding on entire collections.
Additionally, while traders can bid on traits in all available collections, the potential to earn these trait auction points is limit to specific NFTs such as Punks, Degods, Miladys and others.
Fierce competition against OpenSea
Earlier reports from May 26 indicated that Blur had achieved a prominent position in the NFT market, capturing a 65.94% market share and overtaking its competitor, OpenSea.
However, some critics attributed Blur’s dominance to the perceived struggle in the NFT market, saying it reinforced the idea that NFTs were not unique but “altcoins with images”.
On July 4, Trevor Owens, the general partner of the Bitcoin Frontier Fund, expressed his concerns on Twitter about the ongoing competition between markets to control the “floor” price of NFTs.
Floor price refers to the cheapest NFTs in a specific project.
Owens specifically mentioned the tactics employed by Blur, suggesting that they hurt the market. Nonetheless, it remains to be seen whether the release of Blur v2 will sufficiently address the negative sentiments circulating within the cryptocurrency community.