In this episode of Hashing It Out, Elisha Owusu Akyaw is joined by Pacman, the creator and main contributor to the nonfungible token (NFT) platform Blur, to discuss how Blur has been gaining traction in the NFT marketplace.
In December 2022, the NFT market experienced a shift when a freshly released trading platform for NFTs overtook OpenSea in terms of transaction volume, thus becoming the most significant platform in the ecosystem. Pacman likened this to how the token market has evolved.
He clarifies that Blur developed an exchange that puts experienced traders first, a gap not filled by mainstream sites that emphasize a straightforward user interface to draw in newbies. According to Pacman, this concentration makes Blur the ideal platform for the “fastest expanding sector” in the NFT sphere.
Pacman claims that a token had to be released to the public through an airdrop in order for them to have direct control and possession of the NFT marketplace, which has been enjoying a surge in recognition lately.
“This is one of the things that really excited us as builders in Web3 because in Web2, there is a clear delineation platform and the end-user, and usually, they are somewhat opposed. The end-users don’t really have any control over the platform.“
The royalty rights of creators has become a contentious issue in the NFT realm. OpenSea and Blur, the two major platforms, have implemented diverging methods to guarantee creators receive proper compensation. Pacman noted that Blur is pushing for creators to choose between OpenSea and itself as a temporary fix until an unified solution can be developed.
Other issues discussed in the episode include:
- Blur vs. OpenSea
- NFT liquidity
- NFT creator royalties
- Blur token and tokenomics
- Economic models of NFT marketplaces
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