Quick take:
- Blur has launched the v2 of its NFT marketplace.
- The new platform comes with two key upgrades including, 50% less gas and trait bidding.
- Those who previously had bids on Blur v1 will be required to re-bid again in Blur v2.
Blur has announced 2 key updates to its NFT marketplace v2. The platform has introduced trait bidding, a feature that allows traders to earn more points by bidding on traits of select collections. Blur also announced it is cutting gas fees by 50%, effectively reducing the cost of minting an NFT by about $16.00.
As part of the upgrade, the company said Blur v1 bids will no longer work, asking those who previously had bids in the old version to resubmit their bids on Blur v2.
But the most interesting update might have been the introduction of trait bidding points, which the company says allow traders to earn more points than they would bidding on the actual collections.
“Previously you could only use Blur to place collection bids. That changes TODAY. Blur v2 lets you bid on mids, rares, or any trait you want! Trait bidding is supported on all collections, but only select collections earn TRAIT BIDDING POINTS,” the company wrote in a tweet on Wednesday.
According to the announcement, although traders can bid on traits of all the available collections, only a select few collections can earn points including Punks, Degods, Milady’s and nine others.
Describing how trait bidding points work in a blog post, Blur wrote: “Trait bid score = (Trait bid/Top collection bid) x (# of NFTs with that Trait).” Therefore, the higher the trait bid and the more items in that trait, the more points a trader receives from that trait bid.
The company also explained that the weight a trait bid can receive on its price is capped, giving an example of a scenario where “bids on mids with a moderate premium yield more points than bidding on rares with a high premium, due to the higher supply of mids.”
The company also said that season two of the Blur ecosystem will focus on building the infrastructure for NFTs, after spending season one developing and launching its marketplace protocol, bid pools and several other tools.
Blur recently launched the Buy Now Pay Later, lending protocol powered by its perpetual lending platform Blend, which uses NFTs as collateral.
****
Stay up to date:
Subscribe to our newsletter using this link – we won’t spam!
