Blur Unveils Trait Bidding Points, Slashes Gas Fees by 50% in Major Upgrade

Blur Unveils Trait Bidding Points, Slashes Gas Fees by 50% in Major Upgrade

Blur, the NFT marketplace, has made two important updates to its platform. Firstly, they have introduced a new feature called "trait bidding," which allows traders to earn additional points by bidding on traits of specific collections. This means that traders can now bid on traits such as those found in Punks, Degods, Milady's, and nine other collections, and earn more points than if they had bid on the actual collections themselves.

In addition to trait bidding, Blur has also announced a 50% reduction in gas fees. This means that the cost of minting an NFT on the platform will be reduced by approximately $16.00. These changes aim to make the platform more accessible and affordable for users.

As part of the version 2 upgrade, Blur has stated that bids made on the previous version (v1) will no longer be valid. Users who had placed bids on Blur v1 are requested to resubmit their bids on the new version, Blur v2.

Trait bidding points work based on a specific formula provided by Blur. The formula takes into account the ratio of the trait bid to the top collection bid and multiplies it by the number of NFTs with that particular trait. The result is the trader's trait bid score. Essentially, the higher the trait bid and the greater the number of items with that trait, the more points a trader will receive.

However, the company also mentioned that the impact of a trait bid on its price is capped. This means that in certain scenarios, bidding on mids (NFTs with moderate premium) may yield more points compared to bidding on rares (NFTs with high premium) due to the higher supply of mids.

Blur's focus for the upcoming season two is to build the necessary infrastructure for NFTs. In season one, they primarily concentrated on developing and launching their marketplace protocol, bid pools, and various other tools. The recent launch of their Buy Now Pay Later lending protocol, powered by the Blend perpetual lending platform, which uses NFTs as collateral, exemplifies their commitment to expanding and diversifying their offerings.

In summary, Blur's version 2 update introduces trait bidding, allowing traders to earn more points by bidding on traits. The reduction in gas fees further enhances accessibility and affordability on the platform.

SMM and Writer at Redlion, Web3 enthusiast since 2017

© 2020–2024 Redlion NFT Corp. | Crafted with love in-house.