NFT Marketplace Blur Will Launch Phase 1 Of Bidding Anti-Cheater This Week

Key Points:

• Blur said that there are two important updates to Blur this week.
• Bidders must cancel their bids before they can accept lower bids.
• Phase 1 will come online later this week.

Blur, the NFT marketplace and aggregator that is gradually asserting its position against its competitors, has announced important updates regarding bidding in the near future.

Accordingly, bidders must cancel their offers before accepting lesser bids, which will take effect tomorrow, and phase 1 of bid spoofing filters will go online later this week.

Bids on the platform are now accepted without regard for the seller’s own bids. This discourages self-trading but makes it difficult for other traders to determine what the true highest bid is. Bid acceptance will no longer bypass the seller’s own bids with the latest update. In order to sell to lesser offers, sellers must cancel their bids.

In terms of the anti-cheater implementation, there are several methods for detecting these spoofers, and phase 1 of filtering them will go live this week.

The recent bear market has partly affected the NFT as well as people’s declining interest in NFT-related platforms.

Although Blur trade volumes more than doubled, the number of unique wallets trading NFTs climbed by just 24.5% over the same time period. In Q1 2023, there were 13.9 million subscribers, up from 11.2 million in Q4 2022.

Blur has introduced Blend, a peer-to-peer NFT lending platform that enables traders to lease out their NFTs to collectors wishing to purchase blue-chip NFTs with a lower initial deposit. Holders who want to make additional money may put up their NFT, accept loan offers, and then transfer their token to the renter through an escrow smart contract for a certain amount of time – akin to a digital pawn shop.

Blend’s May 1 debut contributed to overall NFT loan volume reaching new highs, totaling more than $70 million throughout the week. Blend loans accounted for 75% of that total, outpacing competitors such as NFTfi, Arcade, X2Y2 and BendDAO.

A Dune dashboard indicates that the platform, which enables users to borrow crypto against digital items in perpetuity, has seen 55,712 ETH in loans since its introduction two weeks ago. So far, over 3,400 individual Blend loans have been established.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.

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Harold

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