In this episode of Hashing It Out, Pacman, the founder and core contributor of the nonfungible token (NFT) marketplace Blur, joins Elisha Owusu Akyaw to discuss how Blur has captured the attention of the NFT market.
The tides in the NFT ecosystem changed in December 2022 when the newly launched NFT marketplace overtook OpenSea as the largest NFT trading platform by trading volume. Pacman describes this as a similar situation to the progression of the general token market.
He explains that Blur created a marketplace that puts professional traders first, a niche not covered by popular platforms that prioritize a simple user experience to attract newcomers. According to Pacman, that focus makes Blur the go-to platform for the “highest growing segment” in the NFT space.
The NFT marketplace is riding a wave of newfound popularity, launching a token distributed to the community through an airdrop. Pacman argues that the token was required to give the community direct access and ownership of the platform.
“This is one of the things that really excited us as builders in Web3 because in Web2, there is a clear delineation platform and the end-user, and usually, they are somewhat opposed. The end-users don’t really have any control over the platform.”
Another hot topic in the NFT space is the issue of creator royalties. This has led to a divided approach by major NFT platforms to ensure creators receive royalties. The two major platforms, OpenSea and Blur, have adopted systems that place new collections in a position where they are required to pick one over the other. According to Pacman, Blur is asking creators to block OpenSea to earn royalties as a short-term solution that will lead to a more unified approach in the future.
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Other issues discussed in the episode include:
- Blur vs. OpenSea
- NFT liquidity
- NFT creator royalties
- Blur token and tokenomics
- Economic models of NFT marketplaces
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