Blur to unlock 196 million BLUR tokens on June 14

• Roughly 196 million BLUR tokens will be unlocked on June 14, 2023.
• The token unlock is set to increase Blur’s circulating supply by 40%, which currently stands at just over 495.2 million BLUR.
• Blur launched in October 2022 and has quickly grown to become one of the leading NFT marketplaces.

Blur, the NFT marketplace for pro traders, will have about 196 million BLUR tokens unlocked on Wednesday, June 14, 2023.

The scheduled release of the tokens into circulating supply comes amid a wave of negativity across crypto, with regulatory and macroeconomic headwinds contributing to BLUR price dipping 27% in the past week.

BLUR unlock to add 40% to circulating supply

According to data from Token Unlocks, the 196 million BLUR tokens being unlocked is equivalent to about 6.5% of the platform’s total supply. However, it will translate to about 40% increase in circulating supply, with 115.6 million tokens going to core contributors, 75.4 million to investors and 4.9 million to advisors.

The circulating supply for Blur is currently just over 495.2 million tokens, giving the cryptocurrency a market cap of $154 million.

Blur’s maximum supply is 3 billion BLUR. About 83% of the total supply is currently locked, which is 2.49 billion BLUR worth approximately $769 million. Unlocked tokens are 511.3 million BLUR worth approximately $158 million at BLUR’s current price of $0.309.

NFT marketplace growth

Blur launched in October 2022 and grew rapidly to see its NFT volumes in the first quarter of 2023 surpass those of leading marketplace OpenSea.

As CoinJournal highlighted in early May, accounted for $2.93 billion in NFT sales. In comparison, OpenSea registered $1.02 billion in sales volume during the quarter.

The NFT marketplace announced in October that the NFT platform’s team includes experienced developers from MIT, Citadel, Square, and YC. The project raised over $14 million from investors and traders. It also closed a $15M-$30M funding round in February, which was at a $1 billion valuation.