Blur’s loyalty plan leads to massive fall in OpenSea listing

02/26/2023 04:48 • Digital Disruptors • 105 views

According to Dune data, due to Blur’s loyalty plan, 13600 wallet addresses have cancelled their listing on OpenSea in the past week, which is 5-6 times the previous average.

Data: In the past week, 13600 wallet addresses cancelled the listing on OpenSea

Analysis based on this information:

The decentralized world of cryptocurrency is known for its fluctuating nature. A small shift in the market can cause a significant sway in investor behavior. It all boils down to trust and reliability. A failure in meeting these factors could lead to consequences that come in the form of a fall in the listing of OpenSea.

According to Dune data, Blur’s loyalty plan has resulted in a substantial fall in OpenSea listings. In the past week alone, 13600 wallet addresses cancelled their listing on OpenSea. This figure is 5-6 times higher than the previous average. This recent event has been related to the adoption of Blur’s loyalty plan.

The loyalty plan rewards users that staked their Blur tokens or BLP tokens in the platform with exclusive tokens that they could use in different marketplaces. The idea of a loyalty plan is appealing because it incentivizes users to stick with the platform. However, it seems that it has backfired on Blur.

The cancellation of 13600 wallet addresses, which is a big number, raises concerns about the sustainability of a loyalty program in the emerging world of blockchain. What sparked the cancellation of the wallet address on OpenSea, and why did they cancel their listings?

It is uncertain why so many wallet addresses have canceled their listing. One possible explanation could be the audit process. Staking Blur tokens is not an instant process, and it may take weeks to be confirmed. This could be a deterrent for users that have high liquidity since they may find it challenging to lock their assets for weeks.

Another possible explanation could be the simplicity of the OpenSea Platform. OpenSea provides easy access to rare digital artwork and collectibles. Some people might prefer this direct approach without a middleman, which is the case when users stake their tokens with Blur.

In conclusion, the emergence of a loyalty plan has led to a massive fall in OpenSea listings. It is clear that loyalty plans are not the solution to increasing the number of users in the blockchain space. The concept needs more exploration and experiments since the consequences on the market and user behavior could lead to unanticipated outcomes.

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