Ethereum NFT market slides as Blur farming scheme raises concerns

Ethereum-oriented NFT collectibles like Pudgy Penguins and Bored Ape Yacht Club, have been on a downward swing since Blur farmers have aired their opinions.

In the case of the competition, the scenario seems to be no different. For instance, DeGods has declined by 32%, whereas Azuki has seen a fall to the extent of 15%. CryptoPunks too is witnessing a drop of 13%, reminding one of the trade prices about the end of last year. 

NFT marketplace, Blur, has been involved in an airdrop farming scheme, through which users come in for rewards having been removed and boosted by Blast. In the opinion of traders, this will be akin to the forthcoming token belonging to the Blast layer 2 network. This is slated for the 26th of June, 2024. 

Users of Blur are provided the opportunity to obtain points via the bidding process on NFTs, along with offering loan liquidity via the Blend protocol. The incentive scheme introduced by Blur has been mired in controversy since liquidity does not signify actual demand, thus alienating prospective collectors. 

In recent times, over $16 million was taken out of the Blur bidding pool, which stands for one-fifth of the accessible buy-side liquidity. 

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CBB0FE, which is a prime Blur farmer, is the reason behind major withdrawals. He has managed to accumulate over 3 million points.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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