$11M Blur token reward claims during Season 2 NFT marketplace’s airdrop

The NFT marketplace Blur has set aside an impressive total reward pool of 300 million tokens, valued at approximately $146 million, as an incentive for traders engaging with their platform.

In a recent distribution of airdrop rewards conducted by Blur, a pseudonymous NFT trader reaped significant gains, amassing around $11 million. Notably, a wallet under the Ethereum Name Service (ENS) tag "hanwe.eth" successfully claimed a substantial 22,851,000 Blur (BLUR) tokens during the season two airdrop, according to data from Dune analytics. As of the latest update, CoinGecko indicates that the accumulated tokens are currently valued at approximately $11.2 million.

The end-of-season airdrop stands as one of Blur's strategic approaches to entice traders to utilize its platform actively. This initiative involves rewarding participants based on their NFT trading activities throughout the season. For the most recent airdrop, Blur dedicated a total reward pool of 300 million tokens, equivalent to $146 million based on prevailing BLUR prices.

As the distribution unfolded, approximately 38,000 addresses seized the opportunity to claim their rewards, resulting in a total of 267 million tokens being claimed. However, not all participants expressed satisfaction with the rewards received at the end of the season.

Prominent NFT whale Jeffrey Hwang, known as Machi Big Brother, voiced dissatisfaction with Blur after obtaining 6 million tokens valued at around $2.9 million. Notably, on February 25, Hwang executed the sale of 1,010 NFTs within a 48-hour period, marking what some consider to be one of the most substantial NFT dumps ever recorded. Analysts, such as Nansen's Andrew Thurman, speculated that this move might be a strategic "wash trade" to capitalize on profits through the Blur airdrop. This suspicion arose as Hwang promptly repurchased 991 of the previously sold NFTs.

A momentous milestone for Blur was the surpassing of OpenSea in daily Ether (ETH) trading volume earlier in the year, marking a significant achievement for the platform. This accomplishment prompted a strategic response from OpenSea, which swiftly implemented a 0% fee structure on February 18. This proactive measure was taken as part of OpenSea's concerted effort to reclaim its user base, recognizing the emerging competition posed by Blur in the dynamic NFT marketplace. The strategic moves and counteractions between these prominent platforms add an intriguing layer to the evolving landscape of NFT trading.