Question:

Recently, Blur launched its native ERC-20 governance token, $BLUR, with a maximum supply of three billion. The token's launch has been eagerly anticipated, with airdrops given to platform users who traded NFTs on Ethereum in the months before Blur's launch and users who listed NFTs on Blur.

Why was the airdrop so successful? How did it affect the NFT activity? Did the recipients sell the token?

Create a dashboard that captures activity across metrics such as:

• Post-airdrop activity - Are top airdrop receivers dumping or accumulating?
• Is new capital entering? What volumes of $BLUR were purchased before/after the airdrop?
• Tokenomics - How concentrated is the current supply of $BLUR?
• How does activity on Blur compare to other marketplaces before and after the airdrop?
• What trends can you identify in royalty payments on Blur, as compared to other marketplaces?
• Did the airdrop seem to affect NFT project floor prices? Did buying/selling increase after the airdrop?

Overview of analysis:

The $BLUR airdrop is tracked in this analysis. Also, the application of the $BLUR token after claiming has been investigated. The impacts of the $BLUR airdrop on the Blur marketplace are analyzed too. This dashboard is divided into the following parts:

• Stats related to $BLUR airdrop
• $BLUR holders and application of it
• The activity of the Blur marketplace
• Summary and references

Blur marketplace:

> Blur is an NFT marketplace and aggregator. Users can compare NFTs across marketplaces, manage portfolios with advanced analytics, as well as buy NFTs. The VC-backed digital marketplace stated that users can sweep and snipe NFTs faster than on other platforms, and is 10x faster than the aggregator Gem. > > From

Blur Marketplace is one of the fastest real-time NFT aggregators in the Ethereum ecosystem. Blur is the NFT marketplace for pro traders that will be majority owned by the community.

$BLUR airdrop:

BLUR is one of the newest OpenSea competitors that was launched on the Ethereum network in December. This market has offered its users, who have traded NFT tokens, packages called Care Package, which specify the number of tokens received during the BLUR airdrop. Users of this market can receive their Airdrop within the next 60 days.

The total supply of BLUR will be 3 billion tokens, of which 51% will be shared by the community, 19% by investors, and 29% by the development team.

New users can try their luck to receive the second round of BLUR airdrops by listing NFT tokens and bidding on existing tokens.

Expectations for the BLUR airdrop made this trading market boom in the past few months, to the extent that on some days its trading volume exceeded that of OpenSea.

Reference

Methodology:

The data provided by Flipside has been used to handle this analysis. To handle this investigation the following steps have been passed as below:

• Step 1: Airdrop
  • Metrics→ Count of claimers, the volume of claimed $BLUR, Cumulative analysis, Share of claimed $BLUR, the volume of claimed $BLUR per day.
• Step 2: $BLUR holders and how users spent it.
  • Metrics→ HODL or Sent, Sectoral analysis, Distribution of $BLUR among holders, Actions done by airdrop claimers.
  • Investigate the behavior of the Top 50 users with the highest amount of $BLUR (consider as Whale)
• Step 3: Compare the sale activity of NFTs on various marketplaces
  • All marketplaces on the Ethereum blockchain
  • Compare the activity of Blur before and after airdrop (Feb 14th)
  • General metrics→ Count of sales and purchasers- Count of NFTs, marketplaces, and collections- Average sale volume- Average sale count and volume of sale per day, highest sale price in USD, Average Royalty fee
  • Over time metrics→ General metrics overtime, Cumulative analysis, 7 and 14-day moving average sale price in USD, Median and average sale price in USD
• Step 4: By aggregating the outcomes of the steps and deep diving into the blockchains, draw a conclusion about the $BLUR airdrop and Blur marketplace activity.

Part 1: Stats related to $BLUR airdrop

Part 3-1: Comparison before and after airdrop

Part 3: Activity of Blur marketplace

Findings:

• As can be seen, the number of swaps related to $BLUR has decreased from 30k in Feb 15 to 3.8k on Feb 22.
• In terms of txn and user count, swap in was superior, but in terms of volume, there was an equal situation.
• WETH and USDC were the most popular token to swap to/from $BLUR token.

Part 2-4: Trade analysis of $BLUR

Findings:

• In recent days, the number of transfers related to this token has increased due to Airdrop , then decreased significantly. As can be seen, this amount has decreased from 1.16B$ on FEB 14 to 134 M$ on Feb 22.
• These changes are evident in the number of transactions as well as the number of users.
• Since Feb 15, users started transferring these tokens to CEXs. So that more than 50-70% of the daily transfer volume has changed to, to Cexs.

Part 2-3: Transfer stats of $BLUR

Part 2-2: Application of $BLUR on various sectors

Findings:

• Looking at the price chart, it is clear that this token has experienced a significant drop in price at Feb 14 and 15 due to sell pressure.
• The balance value of the top 50 holders in today's date is 226M. On Feb15 , total balance of the top 50 holders was1.17B.
• As a result, it can be said that the top holders have become less powerful by decreasing the balance by 80.7%.
• 22 of the top 50 holders are unchanged from airdrop date (Feb15) and 28 changed.

Part 2-1: $BLUR price and holders

Part 2: $BLUR holders and application of it

Findings:

This part provides the real-time stats of $BLUR airdrop and the outcomes are as below:

• The pressure of airdrop was high at the first hours of airdrop as can be seen.
• Over 272 million tokens have been claimed by wallets in first days of airdrop.
• The share of claimed airdrop $BLUR token has been utilized to track the status of airdrop in this real time dashboard.

Findings:

• About 77% of airdrop claimers use all of their $BLUR and only 1.4% of them HODL it.
• According to the pie-chart, about 7% of airdrop claimers accumulating their $BLUR.
• It seems that in recent days, users’ interaction with CEXs has greatly increased. In the past days , this sector included about 30-40% of the daily transactions and volume.
• The sector which holders interacted most was DEX with ~47% of daily transactions and volume.
• In the following, we will examine whether these interactions were towards CEX or outward from CEX.

Part 3-2: Comparison of Blur with other marketplaces after airdrop

Findings:

• The trading volume of NFTs has increased over the past week. One of the reasons for this dramatic increase is the recent airdrop of the BLUR governance token, which was awarded to users who had previously used the BLUR market.
• Share of Blur aggregator after $BLUR airdrop has grown amazingly and has overtaken the OpenSea marketplace.
• The sudden spike on OpenSea occurred on February 20 and it can be considered a market reaction to the growth of Blur activity.
• The royalty fee analysis reveals the increasing pattern on the Blur NFT aggregator and passed OpenSea on February 22.

Findings:

The activity of the Blur NFT aggregator before and after the $BLUR airdrop has been investigated:

• The average and Median sale prices have been increased after the $BLUR airdrop.
• The average paid royalty fee has been enhanced after the $BLUR airdrop as can be seen.
• Obviously, the activity of the Blur aggregator has increased dramatically after the $BLUR airdrop from the average sale volume per day and average purchaser per day points of view.
• The volume of sales on Blur has jumped from around 20 million USD to over 100 million USD level (growing 500%).
• The count of purchases and sales on Blur enhanced after the airdrop too.
• The growth in daily paid royalty fees demonstrated the increasing pattern of Blur application after the $BLUR airdrop.

Part 4: Summary and references

Conclusion:

According to the results of the previous sections, the following decisions can be made:

• The main reason for the recent increase in trading volume on the BLUR market is not because traders are selling airdropped BLUR tokens and buying more NFTs. It seems that big investors and whales have decided to operate in this market to receive Blur's possible future airdrops.
• Blur NFT aggregator has tempted users with its next airdrop and announced that in "Season 2" of the airdrop, traders whose bid price is closer to the floor price (Floor Price) in the featured projects will receive more rewards, which is one of the reasons for the increase.
• As it is clear from the results, the airdrop is considered to be a very successful solution to attract new users and also gain a higher market share. This utilization of airdrop and its successful outcomes could change the future of the crypto world in the coming years.

Author:

Credited by MZG

Discord handle: m.zamani#0361

Twitter handle: @GargariZamani

Useful links:

• Blur Marketplace
• $BLUR airdrop
• Article about Blur