Conversation with Blur Founder: What's worth watching in NFTFi as Blur launches?
Moderator: angelilu, Researcher at Foresight News
Guests: Blur founder Pacman, Joy Rich Community Red God, LD Capital VP Vicky
With the recent upturn in the NFT market, which projects will be the next generation of NFT blue chips? With the rise of NFT in recent years, the ecology is becoming more and more sound. Will NFTFi become the main force of the next bull market? What are the current sectors? What are Blur's advantages over Opensea, the leading NFT platform? With the recovery of the market, the NFT market has also picked up. Finally, please share a recent concern about the NFT project?
angelilu: Hello, everyone, welcome to the Twitter Space organized by OKX Chinese and Foresight News. I am the moderator of today's activity and a researcher of Foresight News. The theme of today's activity is "What is worth paying attention to in NFTFi? ", would you please introduce yourself to the three speakers and tell us a little bit about your experience with Blur?
Pacman (translated by Skyler)Packman, the Founder of Blur, started out as a software engineer in Silicon Valley eight years ago, then started his first startup in 2016 and participated ina Y Combinator program before applying to MIT and meeting partners, The two shared the same ideas and started many entrepreneurial projects. It started its first joint venture in 2018, and was successfully acquired in late 2021, after which Blur began its entrepreneurial journey.
The Red God:Hi everyone, I am the community leader of Joy Rich, let me tell you about my personal experience with NFT, I got involved last year, I mainly focus on the secondary market, I love NFT, last year Blur had a hair blind box to attract people, I started using Blur after that.
Vicky:I am Vicky, currently working in LD Capital. At the end of December 2022, I used Blur to list this Ape with my current profile picture on the recommendation of my good friend. My experience with Blur, and that of all the NFT veterans around me, is that it has some very new features, including Gas, product fluency, real-time transaction speed for transactions, and aggregated liquidity.
angelilu: The NFT market has picked up recently. What kind of projects will be the next generation of NFT blue chips?
Pacman (translated by Skyler)First of all, we are still in a bear market in theory, so some new NFT projects may be relatively risky. Pacman prefers the blue-chip NFT sector, which he will pay more attention to.
The Red God:I mainly engage in secondary market trading. I bought NFT firstly because I like its painting style; secondly, mainly because of its community and culture, such as some blue chip NFT now. And I think the longer the track narrative, the better the NFT will be.
angelilu:With the rise of NFT in recent years, the ecology is becoming more and more sound. Will NFTFi become the main force of the next bull market? What are the current sectors?
Vicky:As for whether NFTFi can be the next major force, I think there is, but it will take time. The earliest players of NFTFi and those who play DeFi are actually two different circles of people. In the group of NFTFi, we can see that everyone is new, but in the group of DeFi, we can see many faces of acquaintances. It takes time for DeFi players to go to NFTFi. In addition, the earliest IP players actually did not know what NFTFi was and why it was called "Fi". No one could explain clearly. Therefore, the premise of NFTFi becoming the main force of the next bull market is to cultivate users and let early users of NFT experience the magic of "Fi". Also attracts DeFi players to NFTFi.
The Red God:Personally, I am particularly optimistic about the development of NFTFi, because it is particularly easy to get out of the circle and there are many opportunities. The biggest shortcoming of NFT itself is that the entry threshold of blue-chip NFT with relatively good liquidity for retail investors is too high, and NFTFi may solve this problem. This is the early stage of NFTFi's development. We believe that in the near future, with the prosperity of the NFT market, NFTFi is bound to become a particularly important sector, including the next bull market. The important sectors of NFTFi include NFT mortgage lending, NFT leasing, and NFT fragmentation.
Pacman (translated by Skyler) NFT 的增长其实就类似于Token市场的增长，但比 Token 市场晚了几年，DeFi 的出现是因为 Token 交易量的增多且金融化，NFT 其实也遵循同样的趋势，所以我们现阶段主要是专注于不断增强 NFT 交易的专业化，当 NFT 交易变得更专业且数量更多的话，NFTFi 才会发展成一个重要的板块。NFTFi 在目前来说是有市场的，但是可能我们现在没有看到一些非常让人激动的项目出现，所以对这方面持观望态度，作为一个给专业交易员提供的 NFT 交易平台，Blur 未来还是会在交易方面优化和完善。
angelilu: What are Blur's advantages over Opensea, the leading NFT platform?
Pacman (translated by Skyler)我们开始创立 Blur 的原因是因为，在 2021 年，我个人接触了 NFT 交易领域，但我对当时的基础设施感到非常沮丧，因为 OpenSea 和其他所有 NFT 市场都非常注重零售用户，它们与 Coinbase 非常相似，为新用户进行了优化。但我希望有更专业的 NFT 交易平台，一个真正专注于实时交易，快速高效的 NFT 市场。我们的目标用户是专业交易者，就像在 Token 交易中，Coinbase 在零售中非常占优势，但 OKX 等其他交易平台可以为更多的专业交易用户服务，Blur 就是为专业的 NFT 交易去做的一个平台，优势就是为专业 NFT 交易用户提供服务。
The Red God:Blur itself is an NFT transaction aggregator. From a user's point of view, the biggest impression it gives me is that it is faster and easier to grab the NFT at a lower price. The other thing is the interface. Blur's interface is not like traditional OpenSea, where you have to recommend good art or new projects on the front page. It's more like a trading platform.
Vicky:First, from the perspective of retail investors, the cost of buying NFT may include the price of NFT itself, and then miners Gas fee, platform commission and royalties and other structures. If you buy an NFT, the NFT itself needs to rise by 8~10% or so before you can recoup the cost. Blur is fundamentally about making costs more manageable and, in fact, more user friendly. The second is that because Blur's system Staking your own ethereum is staking, your money is in that sector, so you are probably buying faster than anyone else. The third is on the product side, so far Blur has used. Seaport It effectively circumvents OpenSea's restrictions on mandatory royalties in the market, which means that both your zero-royalty projects and your mandatory royalty projects can be traded on the Blur platform, which has greatly consolidated Blur's trading volume data. In addition to its speed and floor grab advantages, it has the liquidity of multi-platform aggregation, and the ability to trade in bulk orders is more friendly to some traders who want to trade NFT professionally. I saw the details of price, index and listing on Blur's page, which is actually very effective, so that we no longer need to check in our wallet which NFT I have and which ones are in listing, and jump to other third-party markets. The current floor price of the NFT I hold is roughly what it looks like, and to a large extent it effectively provides such a function for us to manage our own NFT Portfolio.
angelilu: With the recovery of the market, the NFT market has also picked up. Finally, would you please share an NFT project that you have been paying attention to recently?
The Red God:I'm sharing DigiDaigaku, a $6.5 million Super Bowl AD buy for NFT projects that I've been watching and invested in for the last year. The project itself is a narrative for a big game, where the storyline is developed by releasing character weapons in the game. I think this project has a good chance of becoming blue chip.
Pacman (translated by Skyler)This is a sensitive issue because it relates to investment issues. I don't usually talk about a specific NFT project, but I can talk about ways to evaluate whether an NFT project is good or not, or whether it has potential in the future. The first is to see if the project's team, its Founder, has put enough effort into the project to produce Alpha. In the current situation, it is clear that NFT is more popular in the West than in Asia as a whole, but the Asian market is also on a steady rise, such as Azuki.
ZW: The first question is on the product level. How can Blur refresh so fast compared to other aggregators? Is it because of some optimization done at the contract level, or is it called and refreshed more frequently through the front and back interfaces?
Pacman (translated by Skyler)The reason why Blur can do this so fast is because they have a world-class development team, 7 out of 10 of them are software engineers, and these software engineers are from other top global projects and excellent software teams at MIT to provide technical support.
ZW: The second question is about the revenue source of the project. No profit at present means that there is no formal revenue source. Besides issuing coins soon, will other profit models be considered in the later stage?
Pacman (translated by Skyler)As an NFT trading platform, Blur will ultimately rely on the transaction fee charged by users when trading in the long run. The reason why Blur does not charge transaction fee in the early stage is because Blur is currently in the stage of promotion to professional NFT traders and needs to have some advantages to seize the market. Let professional NFT traders know that Blur offers the benefits of fast, real-time trading. This decision has been made for the long term positive development of Blur.
Fiona: How can Blur keep the volume of transactions on the platform as high as it is now after the airdrop incentive ends?
Pacman (translated by Skyler)We always insist that if we use incentives, we only incentivize liquidity, not transaction volume. This is similar to the incentive method of Curve in DeFi, if we incentivize transaction volume, it will only make people think they are users instead of real users. We were already confident that we could keep the volume going without the reward, because we had already closed half of the reward, but the volume was still growing, and about two months ago, on December 6th, we stopped incentivizing NFT to get on the shelves. Incentives may be useful for a network built from scratch, but we don't think they need to be maintained. hildobby did a lot of data analysis on Blur's volume at Dune, and found that it was mostly free volume. Overall, airdrops are not the definitive or only indicator of Blur's trading volume.
story: DID head items like ENS not go live in Blur? What are Blur's criteria for launching NFT projects? Are there any plans to launch projects like ENS in the future?
Pacman (translated by Skyler) Blur's entry criteria were based on a request from the entire community. Blur's project might be one that members of the community don't have a demand for right now, but if a listener wants Blur to join a project, go to Discord and ask for it.
story: Currently, Blur only supports the Web side. Do you have any plans to support mobile in the future?
Pacman (translated by Skyler)Just like what the user said, Blur only supports Web terminal but not mobile terminal at present. However, from the perspective of transaction data, Blur has surpassed many NFT trading platforms. If mobile terminal is added, it will definitely have a positive impact on platform expansion and user growth. But there's no clear timeline for when you can follow it in your community.
bin: Do Blur have plans to Open up the API in the future? How did the developers integrate Blur and develop some derivative tools?
Pacman (translated by Skyler)We're developing an API and we're going to release it so that anyone can access it directly without having to go through an application process or anything like that. The bottleneck right now is the engineering team, because it's still in the development phase of the project, so the seven software engineers on the team are all focused on getting started, and when the project matures, Will Open up the API in the future for more developers to use, or build on Blur for other tools and projects within the ecosystem.