Blur’s $11 Million Airdrop Success Amid Controversies

A pseudonymous merchant of nonfungible tokens (NFTs) earned approximately $11 million through the NFT marketplace Blur’s recent airdrop reward distribution.

According to data from Dune Analytics, a wallet named “hanwe.eth” utilized an Ethereum Name Service (ENS) identifier to claim 22,851,000 Blur (BLUR) tokens during the season two airdrop of Blur.

According to coin price tracker CoinGecko, the quantity is valued at approximately $11.2 million at the time of writing. Blur utilizes the end-of-season airdrop as one of its methods to entice merchants to utilize its platform.

Traders of NFTs on the Blur platform are rewarded after each season. The rewards are contingent upon the actions undertaken by users on the NFT trading platform.

Blur distributed a reward pool consisting of 300 million tokens, valued at $146 million at present BLUR prices, in its most recent airdrop.

Biggest amounts claimed on the recent Blur airdrop. Source: Dune

Approximately 38,000 addresses have already submitted their reward claims, bringing the total number of tokens claimed to 267 million. But the Blur rewards that are awarded after the season fail to satisfy all individuals.

Jeffrey Hwang, also referred to as Machi Big Brother, an NFT billionaire, cursed Blur after acquiring 6 million tokens valued at approximately $2.9 million.

Some consider Hwang’s sale of 1,010 NFTs in 48 hours on February 25 to be the largest NFT drop ever. As Hwang bought back 991 of the NFTs almost immediately, Andrew Thurman of Nansen remarked that it might only take “one big wash trade” to generate profits from the Blur airdrop.

Earlier this year, Blur surpassed OpenSea in daily Ether trading volume. OpenSea was compelled to implement a fee structure of 0% on February 18 to regain its user base from an emerging competitor.