This article will organize the Blockcrunch podcast program and discuss the outlook for NFTs and the development of Blur with its founder, Tieshun. This article is sourced from the Blockcrunch podcast program and compiled by TechFlow.
Index:
Motivation behind founding Blur
How to revitalize the NFT market?
Different user behaviors in bull and bear markets
Sustainability of Blur’s incentive program
The importance of KPIs
Blur’s stance on royalties
Blur’s future plans
Since the last bull market, the trading volume of NFTs has significantly declined, with recent transaction data dropping to $37 million per week, less than 1% of Bitcoin’s daily trading volume. This downturn raises the question: is NFT facing extinction, or does it have the potential for recovery?
In this episode of the Blockcrunch podcast, we invite Tieshun, the founder of Blur, widely known as Pacman on Twitter. Blur is a unique NFT marketplace that competes with OpenSea. Tieshun will discuss with us why NFT has not died out, how Blur competes with OpenSea, and the outlook for the NFT market.
Tieshun believes that the NFT market has not died out but has gone through typical cycles of boom and bust. His personal interest in NFT began in 2021, particularly in NFT transactions. He found the infrastructure at that time very frustrating, with major trading platforms like OpenSea being slow and retail-oriented.
Tieshun expressed his desire for an NFT trading platform similar to Binance. Dissatisfied with the existing market infrastructure, he saw an opportunity for improvement, and thus he and his team started building Blur.
Although the trading volume of the current NFT market has declined relative to the bull market, Tieshun believes that the market still maintains a certain level of vitality in absolute numbers. To revive the NFT market, new projects, new financialization methods, and new asset types need to emerge.
Tieshun mentioned that his ability to grasp the potential of the NFT market is partly due to his previous involvement in a similar field (blockchain domain names), which allowed him to see the huge market and vitality of NFTs on Ethereum.
Tieshun pointed out that the downturn in the NFT market does not mean the entire industry is facing extinction. On the contrary, he believes it is a self-adjusting process for the market, transitioning from excessive prosperity to reasonable development.
Tieshun mentioned that the crazy growth of the NFT market in the past was fueled by speculation and rapid trading. Now, the market is going through a reshuffling process, eliminating some unhealthy factors and laying the foundation for future development.
Tieshun believes that the market needs more innovation and originality to attract more users and investors. He emphasized the unique features of Blur. Blur is committed to providing a new trading experience different from traditional platforms like OpenSea.
Blur introduces a special feature called “masks,” which allows users to showcase and trade their NFTs anonymously. This anonymity not only enhances user privacy but also provides a novel experience. Additionally, Blur introduces a unique NFT rating system to help users better understand and evaluate the value of different artworks.
Tieshun mentioned that Blur places great importance on close collaboration with artists and creators. They provide creative tools and resources to artists, encouraging them to create unique and attractive NFT artworks. This close collaboration not only provides artists with a platform to create and showcase their works but also offers users a wider range of choices. By working with artists and creators, Blur can provide more works with unique styles and artistic value, thereby attracting more users to participate in the market.
Tieshun expressed optimism about the future of the NFT market. He believes that with the continuous development and innovation in the industry, the NFT market will continue to revive and grow. He mentioned technological advancements, broader applications, and an increase in market participants, which will bring more opportunities and development space for the NFT market.
Tieshun pointed out that during the bull market, the market was filled with speculative trading and rapid price increases, leading to impulsive and speculative investment behavior from users. Many people tried to chase profits through short-term trading rather than genuinely appreciating the artistic value of the artworks. This behavior quickly drove up market prices and created a speculative atmosphere.
However, user behavior significantly changes when the market enters a bear market phase. Tieshun pointed out that users in a bear market become more cautious and rational. They pay more attention to the quality and value of artworks and no longer blindly chase short-term profits. Users start to focus on the originality, scarcity, and collectible value of artworks. This shift brings market prices back to a reasonable level and eliminates excessive speculation.
Tieshun also mentioned that users in a bear market tend to lean towards long-term holdings. They prioritize the long-term investment value of artworks and are willing to wait for market recovery and growth. This long-term holding attitude stabilizes the market and provides better recognition and rewards for the true value of artworks.
Tieshun reiterated that Blur’s incentive program is achieved through the introduction of a special feature called “masks.” To incentivize users to use this feature, Blur has set up a reward mechanism. When users use the mask feature, they will receive a certain amount of reward tokens.
Tieshun mentioned that Blur’s incentive tokens are not just one-time rewards but valuable assets that can be traded and utilized in the future. This provides users with persistent incentives and encourages them to participate in and support the Blur platform in the long term.
Tieshun also mentioned that they encourage user participation in the decision-making process of the platform and continuously improve and optimize the incentive program based on user feedback. This collaborative relationship ensures the sustainability and long-term development of the incentive program.
Tieshun stated that he believes with the platform’s development and an increase in users, the incentive program will further strengthen and improve.
Tieshun discussed that with the continuous development of blockchain and NFT technology, more innovative solutions and tools will emerge, providing more possibilities for the incentive program. For example, smart contracts can enable more complex reward mechanisms, making the incentive program more flexible and customizable. Additionally, as technology advances, transaction speed and security will also improve, providing a better foundation for the execution of the incentive program.
Furthermore, as the NFT market continues to develop, more new gameplay and business models will emerge. For example, platforms can introduce mechanisms like auctions, competitions, or community voting. Through these innovative market approaches, the incentive program can become more attractive and aligned with user expectations and needs.
Tieshun mentioned that key performance indicators (KPIs) are used to measure and evaluate the success of a business or project. These indicators provide important information about the company’s operations and development status and help determine whether the expected goals are achieved.
Tieshun mentioned some examples of key performance indicators. For instance, user growth indicators can measure the platform’s ability to attract and retain users, activity indicators can reflect the frequency of user usage and participation on the platform, retention rate indicators can measure user loyalty and continued participation, and revenue indicators evaluate the platform’s profitability.
Tieshun pointed out that continuous monitoring and analysis of these indicators are necessary to promptly identify issues and opportunities and take corresponding measures to improve business and project performance. Different businesses or projects may have different key performance indicators. Therefore, the selection and determination of key performance indicators need to be evaluated and adjusted based on specific circumstances and goals.
Tieshun mentioned that royalties refer to the compensation that authors or creators receive based on the sales or use of their works. This is a common copyright protection mechanism aimed at ensuring that creators can obtain reasonable economic benefits from their works.
Tieshun stated that Blur attaches great importance to protecting the rights of creators and encourages a fair royalty system. Blur is committed to providing a fair and transparent platform for creators to obtain reasonable returns from their works.
Tieshun mentioned that blockchain technology can provide traceability and immutability, ensuring the transparency and credibility of the royalty process. Smart contract technology can automatically execute contract terms, ensuring accurate calculation and timely payment of royalties. This requires active participation and cooperation from creators and artists to jointly develop appropriate royalty policies and mechanisms.
Tieshun stated that Blur’s vision is to become an innovative and fair artist platform, providing opportunities for creators to showcase and promote their works. Their mission is to create a fair and sustainable ecosystem for creators through technological innovation and partnerships.
Tieshun mentioned that Blur will continue to focus on driving technological innovation and providing better tools and platforms for artists to showcase and promote their works. At the same time, they will explore the application of blockchain technology to improve the transparency and efficiency of copyright protection and royalty distribution.
Tieshun believes that collaboration with artists, creators, brands, and platform partners is crucial to achieving Blur’s vision. By working closely with partners, Blur can jointly drive innovation and sustainable development in the art industry.
Tieshun stated that Blur will continue to release the latest product and feature updates and maintain close communication and interaction with users. They look forward to growing and developing together with users.
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Blur
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OpenSea
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Tieshun