Pro-focused NFT marketplace Blur has unlocked almost 50 million BLUR tokens from its vesting contract today. It sent the 49.46 million BLUR tokens to Coinbase Prime.
The unlocked tokens total $32.29 million. They were sent to Coinbase using the 0x0A0 mult-signature address.
How BLUR Token Unlock Accompanies NFT Surge
Since June 2023, Blur has offloaded 534 million tokens to Coinbase Prime. Roughly one-third of the total BLUR supply has been unlocked. The next unlock will release approximately 0.08% of tokens into circulation. The linear unlock process will continue for four years.
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Token unlocks for core contributors, investors, and advisors will end in June 2027. They will receive $870 million, $564 million, and $36 million worth of BLUR at current prices.
The maximum total supply of the token is 3,000,000,000. There are currently 51,415 holders, according to Etherscan.
The Blur marketplace was founded in 2022 and originally targeted professional content creators. It accounted for almost 80% of NFT trading volume in early December 2023. Incumbent marketplace OpenSea, by comparison, was only responsible for 17% of NFT trading.
Crypto and macro expert Matthew Hyland believes several indicators show a resurgence in NFTs. Prices of the BLUR token and CryptoPunks NFTs are up. Pudgy Penguins, a popular NFT collection, has also reportedly broken all-time highs.
“NFT’s aren’t dead and will come back with a fury; Reminds me of the Crypto space in 2016,” said Hyland.
Volumes on Solana marketplaces also showed significant growth in November and December. Solana’s NFT trading volume on November 30 was $9.3 million. The rise in NFT volume tracked an increase in overall activity on the Solana network.
The current price of BLUR is $0.67. The asset is up almost 16% after the most recent unlock, which will continue tomorrow.
BLUR Price Analysis Amid Unlock
Since breaking out from a descending resistance trend line in October 2023, BLUR has increased. The upward movement led to a high of $0.69 the next month.
BLUR struggled to break out from the $0.55 horizontal resistance area for a while. However, BLUR showed resilience and broke out this week. It now attempts to close above $0.55 and exceed its previous highs.
If the breakout continues, BLUR can increase by 85% to the next resistance at $1.25.
Read more: 6 Best NFT Marketplaces You Should Know in 2024
Despite this bullish BLUR price prediction, a close below $0.55 will invalidate the breakout. Then, BLUR can fall 55% to the closest support at $0.30.
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