#150 - Blur airdropped 🪂 and Coinbase adds token

GM and welcome to Decentra Daily.

We're the newsletter that invites you to take a seat and read our short, friendly updates on the world of web3 and NFTs.

** I won't always promote our Rewards Program here. Promise!

Today,

• Blur care packages are opened & $BLUR is listed on Coinbase

• MarketWizard's 🧙‍♂️ crypto outlook

• All the web3 headlines, tweet, and meme of the day

Top 24 hr collection volume

via CoinMarketCap

1. MAYC - 59 sales earning 904.98 ETH (0.06%)

2. Doodles - 163 sales earning 777.37 ETH (0.03%)

3. Clone X - 61 sales earning 373.03 ETH (0.11%)

4. Pudgy Penguins - 66 sales earning 345.97 ETH (0.09%)

5. BAYC - 5 sales earning 345.3 ETH (0.16%)

Money printer go BLURRRRR

After a three-week delay – then a later-that-planned start – Twitter feeds exploded with automated updates as care package holders claimed their Blur airdrops.

It was like Christmas morning in the degen household when everybody sits around showing off their presents.

The launch of the NFT marketplace's native currency ($BLUR) saw 360 million tokens distributed to traders and creators who'd used the platform over the past few months.

How much $BLUR you got depended upon how much you'd contributed to the $1.2 billion worth of trades seen on the platform so far –

It's this incentivizing aspect of Blur's rewards program (and its inflating effect on the NFT market) that's proved divisive across web3 communities.

And, how much value you actually received from your airdrop was offset by sharply rising gas fees, as lots of people looked to claim/sell their bags.

Of course, in the world of NFTs, it wouldn't be a project announcement without a healthy dose of confusion, user issues, and claims of rugging.

Chief among which was geo-blocking for US users

US-based Blur users who'd been busy bidding and buying NFTs to accrue $BLUR got a nasty surprise when they discovered they were geo-blocked from claiming their rewards.

That's despite Blur promoting its rewards program to users and social media accounts located in the US... 🤔

It was possible to get around the geo-block using a VPN, but it's worth remembering that breaking the rules brings potential issues with taxes and other liabilities.

We reported on a similar issue with geoblocking last year, during the launch of ApeCoin staking.

So it seems like projects and platforms are being super cautious about rewarding users with crypto in the current US regulatory environment.

Maybe not Blur's fault then – but definitely v. bad form when it comes to keeping people updated.

Affecting the ETH supply

Also being discussed on Twitter: what the airdrop is doing to Ethereum.

With so many people making transactions on the blockchain to claim their $BLUR, the amount of ETH being burned soared, causing the supply to fall.

Burning ETH in transaction fees isn't a bad thing – it depreciates the currency. But most people don't like to see such volatile changes in supply.

Coinbase is adding the token to its exchange

In other news, Coinbase is supporting $BLUR trading, which will make it easier for many holders to sell their bags for fiat, or add to their stash.

And "season 2" has already begun

Not content with being the major disrupter of the space over the past months, Blur is already promoting the next cycle of its rewards program.

Those bidding and listing NFTs can enjoy double the points for the next month.

So, where will all the money go?

With all this new $BLUR injected into the NFT market, people are wondering how degens will spend it – and how floor prices will be affected.

In fact, it looks like many FPs are already seeing a $BLUR bump, with projects including Azuki, Beanz, and Pudgy Penguins all ⬆️ significantly.

Seriously, at this point, I'm beginning to wonder if the whole NFT market = $Blur airdrop farming.

Also:

• The airdrop accounted for about 12% of $BLUR's supply. When will Blur release "the majority" of tokens, as they claimed?

• Blur put out this doc on $BLUR tokenomics – how it will be released, allocated, and utilized with its ecosystem – but it's a lil' light on plans.

• Blur has started a foundation to help manage the Blur community as $BLUR increases decentralization of governance.

• Zeneca was announced as the foundation's first director, adding to his growing list of project involvements.

Tweet of the day

On the web3 wire

Magic Eden lays off 22 employees 💼The marketplace blames "restructuring" and CEO posts letter.

Ryan Carson makes another controversial move 🤔The NFT investor ignites fiery debate by spending 180 ETH on BTC Punks.

SBF gets caught using a VPN ...to watch the Super Bowl? 🏉Bankman-Fried says he broke his bail conditions to watch the big game.

Decentra Daily is brought to you by ProfilePicture.AI

Workout? Who's got the time?

Improve diet? Nah.

Spend time away from screens? Is this a joke?

As a busy web3 degen, you can't be expected to maintain a respectable appearance.

– and thanks to ProfilePicture.AI, now you don't have to.

ProfilePicture.AI generates professional-quality profile pictures for your LinkedIn, Tinder, and personal website using the latest AI tech.

They take around 20 real-life selfies and produce over 100 chiseled, air-brushed profile pictures for you to use.

What's the deal?

• 4K format and 300 dpi

• Over 279 styles to choose from

• No subscription required

They've already churned out nearly 1.5 million pfps for their customers – who all just got a lot more attractive.

With realism, artistic, and funny modes, there's an AI profile pic for every occasion. The internet never needs to be subjected to your real face again!

Stop striving for IRL self-improvement and start living vicariously through your pfp avatar with ProfilePicture.AI.

– Oh, and they also make profile pictures for pets, too.

MarketWizard's 🧙‍♂️ Crypto Outlook

Here's the dividend diviner MarketWizard with this week's expert financial forecast.

What are the signals saying this time – got some good news for us?

This week's crypto forecast 🌦

Bitcoin

• BTC held its $21.5k support but it's currently being rejected at $22.3k

• Flip that resistance and the continuation is on

• Otherwise, I'm looking for a move down to $20,000 – 20,400

S&P 500

• The SPX still facing strong resistance in the $4150 – 4200 area

• Flip that – and the bear market rally resumes in full force

Dollar Index

• DXY resistance is at 103 – 104 but the dips are being bought up instantly

• Flip that, and you'll see stocks and crypto taking a hit

As you can see, everything is seeing resistance – so there's no clear view of what's next.

Patience from me now. Scalps only.

You can find deeper market analysis and crypto conversation via MarketWizard's Discord channel.

C U tmrw! 👋

Meme of the day

What we're reading this week