Blur founder denies NFT exchange drags down prices
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...