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).
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.