NFT marketplace Blur's altcoin saw a significant increase, gaining 33% in value after rival OpenSea announced that it was laying off 50% of its employees.
This increase comes on the heels of Blur's token already experiencing an impressive increase in value as it continues its dominance thanks to its incentive program.
Before OpenSea's announcement, BLUR had gained 80%, rising from $0.15 to $0.27 in three weeks. However, following the news of the company's staff reduction, the value of the token increased by another 33%, according to data.
The increase in the value of the BLUR token during OpenSea's troubles is also a testament to the dominance of Blur in the NFT market, which has surpassed OpenSea as the leading NFT trading portal in terms of volume.
The Block analyst said in his statement:
“Blur is not a profitable business model in terms of fees. But they compensated for this by launching a token, because they have equity in the company through the initial distribution, with a certain percentage usually kept for the founders in such distributions.
While the exact percentage of tokens held by Blur's founders has not been disclosed, the company's token allocation is set at 51% for the community, 29% for past and future core supporters, 19% for investors, and 1% for advisors.”
*This is not investment advice.
