NFT marketplace Blur saw its native BLUR token fall to $0.78 from a high of $5 — recording a sharp decline of over 84% — shortly after its airdrop distribution went live.
BLUR airdrop and tokenomics
Since the NFT marketplace launched roughly four months ago, it has onboarded about 146,823 unique users who traded $1.2 billion worth of NFTs (excluding Washtrading).
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On Feb. 14, Blur announced that it would airdrop some 360 million BLUR tokens to its early adopters.
Blur disclosed that out of its total supply of 3 billion, 51% had been allocated to the community, 29% to core contributors, and 19% to investors.
Out of the community allocation, about 360 million BLUR was unlocked for airdrop distribution to early adopters.
Available data shows that early adopters — including traders, care package holders, and creators — have claimed up to 86% of the airdrops.
However, trading activities that followed the airdrop distribution forced the price of BLUR to fall over 84% in the last 24 hours, according to Coingecko data.
As of press time, BLUR is trading at $0.78 with a total market cap of $276 million.
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