On June 14th, four months after its February 23rd airdrop, the NFT trading platform BLUR will unlock approximately 195 million tokens.
Unlock Details
BLUR conducted a 3.6 million token airdrop on February 14th, 2023. The upcoming unlock involves ~195 million tokens allocated to:
- Contributors: ~115 million
- Investors: ~75 million
- Advisors: ~5 million
This will increase:
- Total supply by 6%
- Circulating supply (market cap) by 30%
The potential sell pressure equates to ~$60 million. Notably, 51% of allocations go to internal stakeholders.
How Will the Unlock Impact Token Price?
Several factors determine whether unlocks are bullish or bearish:
1. Seed/Private Investor ROI
- BLUR raised $11M in a March 2022 seed round led by Paradigm (valuation undisclosed).
- A sub-$1B valuation seems plausible—seed investors are currently profitable and may sell.
- A February 2023 funding round valued BLUR at $1B. These investors have lower ROI and may hold.
2. Team’s Selling Incentives
The team (proven builders challenging OpenSea’s dominance) is unlikely to sell their allocations at this stage.
3. Financial Health
- Trading volume has consistently doubled OpenSea’s since February.
- Lending platform TVL: $39M (strong).
- Revenue: Zero currently, but governance could activate a 2.5% fee.
4. Valuation Metrics
- Annualized trading volume: $4.4B
- Projected revenue (1% fee): $33M/year
- Fully diluted valuation: $931M (FDV/Revenue = 28x)
- Compared to OpenSea’s 107x FDV/Revenue, BLUR appears undervalued.
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5. Price Action
Prices dropped 40% last weekend due to Coinbase/Binance FUD—shorts may have already capitalized.
6. BLUR Season 2 Airdrop
- 300M tokens will be airdropped in Season 2 (through October 2023).
- This long-term incentive could boost engagement and offset immediate sell pressure.
TL;DR
- Massive unlock (~195M tokens).
- Only seed investors have strong selling motives.
- BLUR is undervalued vs. OpenSea.
- Healthy finances (volume + TVL).
- Price already corrected 40% from recent FUD.
- Future airdrops may sustain participation.
FAQ Section
Q: Will BLUR’s price drop after the unlock?
A: Likely minimal impact—most investors lack incentives to sell immediately, and the market has priced in recent FUD.
Q: How does BLUR’s valuation compare to OpenSea?
A: BLUR’s FDV/Revenue is 28x vs. OpenSea’s 107x, suggesting it’s cheaper relative to earnings.
Q: What’s the next catalyst for BLUR?
A: The Season 2 airdrop (~300M tokens) could drive user engagement through October 2023.
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Disclaimer: This content is for informational purposes only. It does not constitute financial advice. Investors should conduct independent research before making decisions.
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