Blur Releases Blur Beta, Real-time Trading Platform for NFTs

Aaron Limbu   May 05, 2022 08:50

Blur announced that it is releasing Blur Beta, a real-time trading platform for non-fungible tokens (NFTs). - 2022-05-05T163039.778.jpg

In a series of tweets, Blur shared details about the platform. "Monthly trading volumes for NFTs have hit billions, but existing platforms are slow and refresh-based," it said in a tweet.

Currently, the beta waitlist is invite-only, and everyone who joins the platform will be rewarded, Blur said in a tweet.

"Blur Beta access = 5 invites for friends," it tweeted.

With the release of Blur Beta, the company claims to be building the best NFT marketplace for professional traders.

It also added that the company had assembled a team with professionals from MIT, Five Rings, Square and Brex to build the platform.

"The beta lets you see listings and sales on existing marketplaces in real-time. Never refresh again," one tweet from Blur said.

One of Blur Beta's features unlocks a new view of a user's portfolio, allowing them to see their NFTs, active listings, and a P&L statement.

"When opportunity strikes, you can act fast by bulk listing and delisting directly on Blur," the company tweeted.

In March, Blur raised $11 million in a seed funding round led by crypto VC firm Paradigm.

According to Blockchain.News, Blur's NFT marketplace focuses on professional traders. The funding round was led by venture capital firm Paradigm. Some of the other participants included firms such as eGirls Capital, 0xMaki and LedgerStatus.

The startup firm said, "current NFT marketplaces prioritise the retail experience, but they neglect the growing needs of pro traders," in a blog post after completing the funding round.

"Infrastructure has failed to keep up as monthly trading volumes hit billions, and web2 business models hold the space back with poorly aligned incentives. Our mission is to solve these problems and move the NFT space toward becoming institutional-grade while increasing decentralisation," the company added.

Many other NFT projects and startups have also raised funding in recent months.

According to another report by Blockchain.News, Bored Ape Yacht Club (BAYC) creator Yuga Labs said that it raised $450 million in funding in a round led by Andreessen Horowitz (a16z).

Image source: Shutterstock

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