In the world of Non-Fungible Tokens (NFTs), Blur has emerged as a popular Ethereum-based marketplace among professional traders. With its low fees, high speed, and NFT floor depth charts, Blur offers a trader-friendly platform for buying and selling NFTs.
Additionally, Blur provides a lending protocol called Blend, which allows users to borrow Ethereum (ETH) by using their NFTs as collateral. In this article, we will explore how to use Blur and Blend, covering topics such as connecting to Blur, buying or selling NFTs, and utilizing the lending features of Blend.
Connecting to Blur
Before you can start using Blur, you need to connect your wallet to the platform. To begin, verify that you are on the correct website domain, which is Blur.io. Additionally, ensure that you are connected to the Ethereum Mainnet.
Blur supports several wallet types, including Metamask, Coinbase, and OKX wallet. If you are using a different wallet, such as Trust Wallet, you can connect it to Blur using WalletConnect. After connecting your preferred wallet to the website, you can explore the platform.
Blur allows you to customize your interface based on your preferences. At the bottom of the screen, you will find a settings icon. Click on it to access customization options.
You can choose between three different color themes: dark, medium, or light. Additionally, you can select between trader mode and collector mode. The trader mode provides a more detailed interface with advanced charts, while the collector mode offers a cleaner and simpler interface.
Buying an NFT on Blur
Blur provides a seamless buying experience for NFT collectors. Here’s how you can purchase an NFT on the platform:
- Use the search bar at the top of the page to find the NFT collection you are interested in.
- Once you have found an NFT you want to buy, click on the “Buy item” option.
Blur offers a feature called NFT floor-sweeping, which allows you to purchase multiple NFTs from a collection at their floor price (the lowest listed price). You can set the number of NFTs you wish to buy (up to 50 at a time) and complete the transaction.
Buy Now, Pay Later scheme
Blur’s Blend also offers an alternative payment mode called “Buy Now, Pay Later.” With this scheme, you can make a down payment for the NFT and repay the remaining amount in installments. The down payment can be adjusted based on your preferences, allowing for more flexibility in the payment process.
Within the settings, you will find an option called “OpenSea Flags.” This feature helps protect buyers from fraudulent transactions by identifying NFTs that have been blacklisted on OpenSea. Avoiding blacklisted NFTs reduces the risk of purchasing stolen or compromised assets.
Selling your NFT on Blur
Selling your NFT on Blur is a straightforward process. Here’s how you can list your NFTs for sale:
- Go to your portfolio: after connecting your wallet to Blur, you can access your portfolio, where your NFT holdings are displayed.
- List your NFTs: in your portfolio’s inventory tab, select the NFTs you want to list and click on the “List Items” option.
- Set listing price: Blur allows you to set your own listing price for your NFTs.
- Complete listing: after setting the listing price, specify your desired royalty fees and duration of the sale. Confirm the transaction, and your NFTs will be listed for potential buyers to purchase or bid on.
Alternatively, you can use one of the three trader-friendly price listing features: “Floor Price,” “Top Trait,” or “Ladder.” Choosing “Floor Price” automatically lists your NFTs at the floor price, increasing the likelihood of a faster sale. “Top Trait” lists your NFT at a higher price based on the best trait it possesses. “Ladder” enables you to set listing prices in a structured manner.
Borrowing ETH with Blend
Blend is a peer-to-peer perpetual lending protocol. Unlike other protocols, Blend loans do not have fixed rates or expiry dates, offering greater flexibility to borrowers.
NFT holders can borrow their desired amount of ETH by depositing their NFTs as collateral. The loan amount, annualized percentage yield (APY), and loan-to-value (LTV) can be customized based on the borrower’s preferences.
Blend provides lenders with the option to choose from different loan offers. Lenders can withdraw their loan at any point in time, providing them with flexibility. However, borrowers should be aware of the risks involved, such as the potential loss of collateral if a new lender cannot be found within a specified timeframe.
Blur v2 has recently been launched, bringing exciting updates and improvements to the platform. The latest version of Blur introduces significant gas optimizations, resulting in 50% less gas consumption during trades.
One of the standout features of Blur v2 is the introduction of trait bidding. Users can now bid on specific traits, including mids, rares, or any other desired trait. This allows for more precise bidding and greater flexibility in acquiring NFTs.
Snap | Source: Twitter
Furthermore, Blur v2 has implemented a trait bidding points system. Select collections, such as Punks, Degods, Milady’s, and others, offer the opportunity to earn additional points for trait bidding. The more competitive your bid is compared to the top collection bid, the more points you can earn.
As Blur continues to evolve, the team behind the platform remains committed to building infrastructure for the NFT ecosystem. Season 2 of Blur brings advancements such as lending and Buy Now, Pay Later (BNPL) options powered by Blend, full mobile support, notifications, and a gas-optimized marketplace. The core contributors are working diligently on three key developments that will further enhance the Blur experience, and the timeline for Season 2 will be shared as these developments draw closer to completion.
Blur and Blend have established themselves as powerful tools in the world of NFT trading and lending. Blur offers a trader-friendly marketplace for buying and selling NFTs, while Blend provides lending opportunities by leveraging NFTs as collateral. By following the steps outlined in this article, you can navigate Blur, explore its features, and make the most of your NFT trading and lending experience.