In an Effort to Enable Institutional-Level Trading and Reduce NFT Transaction Costs, the Founder of Blur Introduces Blast

Pacman, the founder of Blur, reportedly stated on Twitter, as reported by Foresight News, that the two greatest opportunities for NFTs are the reduction of transaction costs and the facilitation of perpetual trading at the institutional level. Petrol fees for NFT transactions have already incurred hundreds of millions of dollars, and the trading volume of perpetual contracts is six times that of spot trading, according to his observation. In order to capitalise on these opportunities, Layer 2 (L2) solutions are necessary.

Pacman further stated that the Blur fund, which contains $100 million in total value locked (TVL), is yielding no returns, indicating that Blur users are incurring financial losses as a result of depreciation. He realised that these issues could be promptly resolved with a new L2 that provides native returns for decentralised applications (DApps) and users, after conducting research on L2. As a consequence, the Blast initiative was introduced with the objectives of curbing asset depreciation, reducing NFT transaction expenses, and establishing perpetual NFT trading within the Blur ecosystem.

Pacman further disclosed that he has amassed an additional $40 million in funding for the Blur ecosystem. These funds will be utilised to continue the development of NFTs on the Ethereum Layer 1 (ETH L1) platform and to construct L2 applications for NFTs.