Author: Lucy Harley-McKeown and RT Watson

We can have a lot of NFTs and not dilute value, says ArtBlocks founder

https://www.theblock.co/post/214961/we-can-have-a-lot-of-nfts-and-not-dilute-value-says-artblocks-founder?utm_source=rss&utm_medium=rss

We can have a lot of NFTs and they can still be worth a lot of money. At least, that’s what the founder of ArtBlocks hopes.

The creator of the popular NFT collection Chromie Squiggles, Erick Calderon, is looking to a future where NFTs are valuable without scarcity, and products can be tailor-made for consumers.

“We as humans have a tendency to lean towards individuality,” he said speaking at the NFT Paris conference on Friday. Despite this, he posed the question: What will it take for NFTs to be valuable without the promise of scarcity?

The crypto winter caused NFT trading volumes, by U.S. dollar value, to plummet by more than 90% last year. Even marquee collections like Bored Ape Yacht Club and Azuki suffered from the downturn. At the same time, however, the number of transactions has steadily risen as cheaper NFTs billed as "digital collectibles" and offered by traditional companies like Reddit or Hollywood studio Warner Bros. Discovery are gobbled up by consumers.

Calderon wants to move beyond "fomo-based" mechanics in the market where companies have the ability to serve individuals with products that are unique to them.

For example, he said tourist attractions such as the Eiffel Tower could use blockchain tech to take a snapshot of a specific sparkling light sequence, and sell that as an NFT memento, with revenue from the sale going back to maintaining the building and to the artist.

ArtBlocks is "dedicated to bringing compelling works of contemporary generative art to life," uniting artists, collectors and blockchain technology "in service of groundbreaking artwork and remarkable experiences." It has carved out a space as a marketplace that creates and sells unique works.

Calderon created Chromie Squiggles in 2020. The current price floor of the collection is 12.5 ETH (about $20,000), according to NFT Price Floor. 

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Blur debuts long-awaited token

https://www.theblock.co/post/211374/blur-debuts-long-awaited-token

Blur’s native token is finally live, marking a long-awaited milestone for the NFT marketplace that may be primed to go head-to-head with market leader OpenSea.

"It’s time for $Blur," the company posted to Twitter on Monday, advising people to "double check" they are following Blur’s official account when claiming tokens, a warning almost certainly meant to help prevent holders from being scammed.

Tuesday’s token drop comes on the heels of revelations that Blur raised enough money to achieve the much-coveted unicorn status, meaning a valuation north of $1 billion. The Block first reported news of the marketplace’s new valuation. 

Last month, Blur delayed the unlocking of its token, saying that an "extra two weeks will allow us to deliver a launch that hasn’t been done before." Blur orchestrated three airdrops last year, delivering "care packages" to traders which contained an undisclosed number of blur tokens. 

Tuesday was the first opportunity for NFT traders to not only know how many tokens they had been awarded but also to start trading them on the open market. 

The total supply of Blur’s native token will be capped at three billion, according to The Block Research, with algorithmic digital-asset trading firm Wintermute having already received 15 million tokens. The Block Research also said 12% of Blur tokens, or 360 million, will be distributed by Tuesday’s unlock.

OpenSea challenger?

Blur launched to much fanfare last October, quickly muscling in on an increasingly competitive niche in the market. It was the third-largest NFT marketplace by volume in January, according to data from The Block Research. OpenSea has dominated among marketplaces, holding the top spot since the market was in its infancy.

The upstart marketplace Blur is known for its low trading fees and its floor sweeping function. Part of its rise to prominence could be attributed to last year’s airdrops and the fact that Blur has been awarding its tokens to NFT traders based on how much they engaged with the platform. So far, the business has orchestrated three airdrops but not laid out a long-term plan for the tokens. 

blur

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.