Blur, the non-fungible token (NFT) marketplace, has introduced the second iteration of its platform, tagging two notable improvements. The platform introduced enhancements by has slashed gas fees by 50%. At the same time, they have added trait bidding.
Following this update, individuals who had placed bids on Blur v1 must resubmit them on Blur v2.
Blur v2 release
According to Blur, the first update introduces trait bidding, allowing traders to earn additional points by placing bids on specific traits within selected collections.
This feature aims to enhance the trading experience on the platform.
Additionally, Blur has reduced gas fees by 50%, resulting in reduced NFT minting costs, estimated at approximately $16.
With the introduction of Blur v2, bids previously placed on the earlier version, Blur v1, are no longer valid.
As such, traders who had previously submitted bids on Blur v1 must resubmit them on the updated Blur v2 platform.
One important update introduced by Blur is the concept of trait bidding points. Traders can earn more points by bidding on specific traits instead of only bidding on entire collections.
Also, while traders can bid on traits across all available collections, the potential to earn these trait bidding points is limited to specific NFTs such as Punks, Degods, Miladys, and others.
Stiff competition versus OpenSea
Earlier reports from May 26 indicated that Blur had achieved a prominent position in the NFT marketplace, capturing a market share of 65.94% and surpassing its competitor, OpenSea.
However, some critics attributed Blur’s dominance to the perceived struggle in the NFT market, claiming that it reinforced the notion that NFTs were not unique but “altcoins with pictures.”
On July 4, Trevor Owens, the general partner at the Bitcoin Frontier Fund, expressed concerns on Twitter regarding the ongoing competition among marketplaces to control the price “floor” of NFTs.
The price floor refers to the lowest-priced NFTs within a specific project.
Owens specifically mentioned the tactics employed by Blur, suggesting that they have harmed the market. Still, it remains to be seen whether the release of Blur v2 will sufficiently address the negative sentiments circulating within the cryptocurrency community.