Blur, the decentralized marketplace for non-fungible tokens (NFTs), continued its scheduled token unlock program in the early hours of Tuesday, April 16, 2024. In a post on X, Spot On Chain, the leading crypto analytics platform, noted that the NFT marketplace released 34.42 million BLUR, equivalent to $15.29 million, into the cryptocurrency ecosystem.
34.42M $BLUR ($15.29M) was unlocked from the lockup contract 2hrs ago and will soon be moved to #Coinbase for distribution.
In total, 655M $BLUR (now $259M), or 21.8% of the total supply, have been unlocked since Jun 2023.
The $BLUR price has dropped ~41% since the last unlock… https://t.co/yOrJaOFCus pic.twitter.com/JVd7IVd8he
— Spot On Chain (@spotonchain) April 16, 2024
Spot On Chain noted that Blur will deposit the unlocked tokens to Coinbase for distribution. The platform highlighted that Blur has unlocked 655 million BLUR, worth $259 million, or 21.8% of the total BLUR supply since June 2023.
According to Spot On Chain, BLUR’s price dropped by approximately 41% since the last token unlock, as impacted by the board market. The analytics platform cited in an earlier post that Blur released 33.42 million fresh BLUR tokens into the crypto ecosystem on Monday, April 15. As usual, the tokens were released from the project’s lockup contract and would be moved to Coinbase for onward distribution.
Notable from Spot On Chain’s post is the fluctuating value of BLUR tokens on subsequent releases into the crypto marketplace. As of Monday’s release, the total number of released BLUR tokens was 616.8 million, with a total value of $411 million. On Tuesday, despite the increasing number of BLUR in circulation, the total value dropped.
The dwindling BLUR price reflects the impact of increased supply based on an economic perspective. Demand drops with more tokens injected into the marketplace until the market adjusts and equilibrium is restored. Users’ sentiment also plays a significant role in the crypto market development. As reflected in the price development, the anticipation of falling demand could trigger users into a selloff in the short term.
Spot On Chain noted that Blur is now in year two of the four-year vesting schedule with a lower unlock rate. BLUR traded for $0.3898 at the time of writing, according to data from TradingView.
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