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The founder of Blur has defended the NFT exchange’s token incentive system amid concerns that the platform is contributing to a decline in average NFT prices. Since its meteoric rise against competitor OpenSea earlier this year, Blur has created an NFT trading frenzy. Some users trade NFTs for the purpose of acquiring Blur tokens, in a practice called farming. However, as many NFTs depreciate in value in this year’s brutal bear market, some traders are racking up major losses — sometimes exceeding $10 million. This has led to widespread criticism of the exchange. Recently, crypto investor and entrepreneur Trevor Owens argued that whales with ample liquidity could accumulate Blur tokens by bidding and then take loans on the NFTs bought — only to re-bid again with the loans they’ve taken. As whales bid more at lower prices, floor prices come crashing down . According to Owens, this could “wipe out” the total NFT market cap. Blur founder Tieshun Roquerre, known as P...

SEC-regulated firm INX only lists five cryptocurrencies on its platform, considering them as non-securities. Amid lawsuits against United States-based exchange s like Coinbase and Binance.US, an exec at a domestic digital asset firm has noted the legal implications of these recent enforcement actions for the industry. The era of trading cryptocurrencies as non-securities is coming to an end, according to Itai Avneri, chief operating officer at the blockchain trading firm INX. Avneri believes that a massive amount of coins offered for trading on crypto exchanges is among core reasons for legal issues. “You cannot continue to trade cryptocurrencies as if they are not securities. Those days are over,” Avneri said in an interview with Cointelegraph on June 19. According to the COO, INX outlined this exact idea in its prospectus five years ago. “It's like we had this crystal ball in our hands,” he added. According to data from CoinGecko, Coinbase has as many as 241 cryptocurrencies lis...