What is BLUR and How Does It Work in 2024?

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Blur, also known simply as BLUR, is the native governance token of Blur, one of the leading NFT marketplace platforms in the world. But what exactly is BLUR used for, and how does it work within the Blur ecosystem? Let’s break it down.

What is the purpose of BLUR?

BLUR coin

The primary purpose of the BLUR is to allow users to participate in governance decisions about the Blur marketplace.

As an ERC-20 token built on Ethereum, BLUR holders are able to vote on Blur Improvement Proposals (BIPs) that can change core parameters or develop new features for the platform.

The more BLUR someone holds, the more voting power their wallet contains.

How does BLUR work?

When BLUR first launched, the majority of its total supply was distributed to early traders and users of Blur as an incentivizing airdrop. This helped bootstrap widespread adoption of the token while rewarding loyal members of the Blur community.

The remaining supply is allocated to ecosystem development through four-year vesting periods. Traders can now buy, sell and trade BLUR on major centralized and decentralized exchanges.

It’s an integral part of participation on Blur – loyal traders who list and trade frequently on the platform can earn points redeemable for even more BLUR through reward programs.

Does BLUR have a future?

BLUR crypto future

Considering Blur has rapidly become one of the largest NFT marketplaces in just over a year since launching, the outlook for BLUR is very promising.

Blur consistently leads the competition in daily trading volume, even surpassing the long-dominant OpenSea at times.

As the platform continues expanding its feature set and integrating with additional blockchains beyond Ethereum and Polygon, the potential uses and value of BLUR could grow exponentially.

When BLUR launched?

After a highly anticipated airdrop campaign in early 2023, the BLUR officially launched on the blockchain on February 14th. This came just a few months after Blur unveiling its initial NFT marketplace platform in late 2022.

The rapid emergence of Blur as a serious challenger to OpenSea meant there was huge hype surrounding the introduction of its native cryptocurrency.

BLUR got off to an explosive start, with massive trading volume and aggressive liquidity mining incentives supporting its launch.

Is BLUR a scam?

BLUR coin scam

All signs point to BLUR and the Blur platform being fully legitimate projects. The team includes MIT graduates, security audits were conducted, and financing came from respected investment firms like Paradigm.

Blur continues delivering on its ambitious roadmap quarter after quarter with new features, integrations and liquidity incentives. Major exchanges even list BLUR, which would not be the case for an obvious “rug pull” style scam coin.

While investing always carries risks, BLUR shows real potential that sets it apart from questionable projects.

Is it safe to invest in BLUR?

As with any new cryptocurrency, there are inherent risks to early investment in BLUR.

However, by carefully researching the project, only investing what you can afford to lose, and ensuring BLUR is stored securely in a non-custodial wallet, investors can feel confident their funds are reasonably safe.

Some pointers to lower investment risk include only buying BLUR from trusted exchanges, holding for the long term as value increases with adoption, and availing governance rights by participating in the Blur DAO.

With a blue-chip team committed to building real utility, BLUR appears one of the safer small market cap crypto bets in the wild west of altcoins right now.

Is BLUR worth it? BLUR Price 2024

BLUR coin price 2024

BLUR value is still relatively low compared to where it could be in a few years if Blur achieves its lofty growth goals. The total supply is fixed at just 3 billion coins, with multiple exchange listings and new platforms integrating BLUR usage.

With large portions still locked in staking contracts, supply is limited in the short term driving price upward.

Some analysts forecast BLUR hitting $10 by late 2024 as the true potential unfolds. For a low-risk, high-reward play, getting exposure to BLUR now could prove very worthwhile in the long run.

Where to buy BLUR crypto?

The best exchanges to currently buy BLUR include Binance, OKX, HTX, Gate.io, MEXC and KuCoin. Set up accounts in advance to speed up verification.

Then deposit funds (BTC, ETH or USDT usually) and use those to place market orders to purchase BLUR at the best available price.

Alternatively, provide liquidity to BLUR-ETH pools on decentralized exchanges like Uniswap to earn trading fees. Whichever method you choose, only invest amounts you can afford to hold onto for extended periods.

How to sell BLUR?

The process to sell BLUR is largely the reverse of buying. Withdraw your BLUR funds from centralized or decentralized exchanges to your personal wallet. Then navigate back to the exchange, select BLUR, and place a limit sell order above the current ask price.

Ensure to double check addresses – a single digit entry error could lose your funds forever in crypto. Selling small batches periodically rather than dumping all at once also minimizes potential downside impacts on price.

How to stake BLUR?

BLUR token stake

Staking BLUR is a straightforward way to earn passive income on holdings while supporting the Blur ecosystem. Head to the Blur DAO site, connect your wallet, then delegate BLUR to a validator of your choice.

Many options exist with varying minimum amounts and reward rates. Staked BLUR remains in your personal wallet and is not lent out, while earning annual percentage yields can be 5-10% or more.

Delegating establishes your right to participate in on-chain governance votes too. It’s a win-win approach for HODLers.

How to mine BLUR crypto?

BLUR cannot be mined in the traditional sense as it is an ERC-20 token. However, committed Blur marketplace users can effectively “mine” BLUR by collecting reward points exchangeable for tokens.

The more you list, trade, provide liquidity and engage within the Blur ecosystem, the more points you’ll accrue to redeem periodically.

Outside of the Blur platform, your best options are to purchase, stake or provide liquidity for BLUR – as there is no mining involved with this cryptocurrency. And with everyone able to get crypto news very fast thanks to EXEcrypto, staying on top of the Blur ecosystem has never been easier!

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