Blur V2 is officially launched, what changes have been made to the point incentive system?

Author: Blur

Compiled by: Felix, PANews

In February of this year, the NFT market Blur launched the Bid for Airdrop airdrop incentive plan, helping it become the NFT aggregator with the highest sales. However, the incentive mechanism introduced by Blur made "false" transactions gather on Blur. When the profitable NFT holders stopped taking over, the market fell all the way, and Blur was randomly condemned. Blur officially launched the V2 version today. The important update of this upgrade includes not only the optimization of transaction gas fees, but also the new "Trait bidding" (attribute bidding) function. How does this function change the Blur point system? This article will take you to find out.

Gas optimization

Blur v2 has made a lot of optimizations to save Gas fees. Gas costs for Blur transactions are now reduced by 50%. At current Gas prices, you can save $16 per NFT on Blur v2. Additionally, all smart contracts have been audited by Chain Light.

Attribute Bidding

Blur v2 allows users to bid for NFTs of different rarities. All NFTs support attribute bidding, but only NFTs of a specified series can earn points. Currently only 12 NFT series support attribute bidding points, namely: Wrapped Cryptopunks, Azuki, Milady, DeGods, Bored Ape Yacht Club, Mutant Ape Yacht Club, PudgyPenguins, Otherdeed, Bored Ape Kennel Club, CloneX, Beanz, Doodles. Blur v1 bids will no longer be valid and users will need to re-bid on Blur v2.

How Attribute Bidding Works

Attribute bidding works the same as collection bidding, except for specific attributes rather than the entire collection.

When a seller tries to sell an item through attribute bidding, the oracle will check in real time whether the item has relevant attributes. Protection for property bidders is ensured.

But many collections store their metadata on centralized servers they control. After the oracle verifies the properties of the item, the item may change its properties. Blur cannot provide any guarantees in this case. Preventing collections from dynamically changing their properties is beyond Blur's control.

Bidding Points

The operating rules of bidding points are as follows:

• Attribute Bid Score = (Attribute Bid / Popular Set Bid) x (NFT Quantity with that Attribute)
• The higher the attribute bid, the more items in the attribute, the more points you get.
• There is a cap on the weight an attribute bid can get based on its price. The system cannot be tricked by just bidding 1000 ETH on 1/1. *Due to the higher supply of mid-bids, more points are awarded for mid-premium mid-bids than high-premium rare bids.

Attribute bid points are not diluted. If an NFT collection previously earned 100 points per day, it will still earn 100 points per day. The only difference is that the points are now spread across aggregate bids and attribute bids.

If there are collectors willing to pay a premium for the property, more points will be allocated to property bids. On the other hand, if collectors are not willing to pay a premium for properties, more points will be allocated to collection bids.

In practice, most points will be used for aggregate bids, as reserve prices are usually much larger than mid-frequency and rare bids, and the exact allocation is determined by the market.

Second Season Update

Blur's first season launched a marketplace protocol, bid pools, and a myriad of tools for listing, cleaning, and monitoring marketplaces. The second quarter launched a v2 marketplace for lending and BNPL (powered by Blend), full mobile support, notifications, property bidding, and Gas optimization. There are three more key unannounced developments, and Blur will share a timeline for season two once those developments get closer to release.

Notice

Users can continue to earn Listing points on non-Blend-enabled series, and listing points are as valuable as bidding points. Loyalty is important to every collection. Maximize your Season 2 rewards simply by listing on Blur and maintaining your MAX LOYALTY.

It remains to be seen whether Blur V2 can secure its position as the top NFT aggregator after its launch, and whether it can win praise from the market and restore its damaged reputation.

Related reading: Messari: From the perspective of user retention, data interpretation of the success of the Blur airdrop model