Blur Updates Bidding Points System
Blur is updating its Bidding Points system to penalize tactics that do not genuinely contribute to the platform's growth.
The Deets
- Transferring NFTs for loyalty: Counterproductive, as it decreases actual loyalty
- Wash trading: No longer rewarded with points
- Spoofing bids: Easy to detect and cheaters will be excluded from Season 2
The Bulk
Blur announced an update to its Bidding Points system. The revised system now works to ensure that rewards will go to users who genuinely contribute to Blur's growth, discouraging manipulative tactics that fail to provide real value.
The first discouraged tactic is transferring NFTs for loyalty. While loyalty is a key component for Blur's upcoming Season 2, transferring NFTs to list on other marketplaces is seen as detrimental to platform loyalty. Although this activity might not be immediately reflected in the user interface, Blur tracks these transfers in the backend and decreases the transferrer's loyalty accordingly.
Secondly, the practice of wash trading—where bots are used to inflate trading volume and increase the visibility of a collection—will no longer be rewarded with points. Blur has affirmed that wash traders will be filtered out in Season 2.
Lastly, Blur will take a strict stance against bid spoofing. Some bots create fake bids that cannot be accepted, then attempt to front run bid acceptance to earn points without risk. Blur has clarified that such behavior is easy to detect on-chain, and those who cheat will be excluded from Season 2.
Blur's update is not all about penalties, though. The platform still rewards top collections with the most points, but has made changes to distribute points more evenly across all collections.
❗️Why It Matters
Blur's bid system and rewards are undoubtedly the leading force con NFT market and floor prices. While many have bemoaned Blur's impact on the NFT market, at least the marketplace is attempting to make changes in the best interest of all participants.
🎤 Community Quotes
