Blur (BLUR) is a professional NFT trading-focused platform that offers a lending protocol called Blend. This unique feature allows users to utilize their NFTs as collateral for loans. In addition, BLUR token holders have the power to govern the platform and make decisions through a community-driven DAO. This article aims to address two common queries: What is Blur (BLUR) and how to purchase Blur (BLUR) with TRY.
What is Blur (BLUR)?
OpenSea has been a prominent NFT trading marketplace for many years, overshadowing competitors like Rarible and SuperRare. However, in late 2022, Blur emerged as a new NFT marketplace and quickly gained attention. By December 2022, Blur had surpassed OpenSea in weekly trading volume, attracting investors with its promise of no marketplace fees and focus on “professional investors.” As of January 2024, Blur generates more than three-quarters of global NFT trading volume. The platform not only enables NFTs to be used as collateral assets but also operates a borrowing and lending economy. Blur is governed by a decentralized autonomous organization (DAO) consisting of BLUR token holders who can propose and vote on platform-related decisions.
Blur was co-founded by developers Tieshun Roquerre (known online as Pacman) and Anthony Liu (known as Galaga). The duo met at MIT, and after Liu’s graduation in 2018, Roquerre dropped out to start the cryptocurrency domain company Namebase. After selling Namebase, they founded Blur in early 2022 with an $11 million investment led by Paradigm, an investment firm that also supported Namebase. Blur officially launched in October 2022, targeting professional investors with incentives like zero platform fees.
Blur is a unique NFT marketplace that also provides crypto loans using NFTs as collateral. Its dual functionality encourages active participation on the platform. Users can list NFTs for sale or bid on others by connecting their Ethereum wallets. Blur offers “collect” and “trade” modes, with the latter providing detailed charts, tools, and transaction data. Investors can view market depth, track transactions over time, and buy multiple low-priced NFTs simultaneously.
Blend (Blur Lending) is a peer-to-peer perpetual lending protocol that allows borrowers to use NFTs as collateral. This model enables lenders to reclaim their funds using collateral. Borrowers can list NFTs as collateral and offer terms to potential lenders who can accept and provide the loan. The NFT is held in a vault with no expiration date, allowing borrowers to repay and reclaim their NFTs at any time. Lenders can terminate the contract, triggering a refinancing auction where the contract is sold to the highest bidder. If no new lender steps in, the borrower must repay the loan, or the NFT is liquidated.
The Ethereum-based BLUR token allows holders to participate in platform governance through a DAO. Token holders can propose and vote on platform direction managed by the Blur Foundation. Initially, 3 billion BLUR tokens were minted, with 51% allocated to the community, 29% to contributors and developers, 19% to investors, and 1% to advisors. A portion of the community allocation was distributed via AirDrop to NFT marketplace investors, with the remaining supply reserved for incentive programs.
The distribution of BLUR tokens is designed to encourage long-term platform stability and participation. Non-community tokens are subject to a 4-5 year vesting schedule, ending in February 2027. This gradual unlocking encourages contributors, developers, and investors to support the platform’s growth and sustainability.
Blur’s innovative approach to integrating an NFT marketplace with a lending protocol, combined with its community-driven model, has positioned it as a significant player in the NFT ecosystem. Its focus on professional investors and zero-fee structure continues to attract substantial trading volumes, reshaping NFT trading.
How to Buy Blur (BLUR) with TRY?
Binance TR is the most suitable cryptocurrency exchange for investors in Turkey looking to purchase Blur (BLUR). Over 100 cryptocurrencies, including BLUR, can be bought and sold on Binance TR, where accounts can be quickly created. Follow these steps to buy Blur (BLUR) with TRY on Binance TR.
How to Open an Account on Binance TR?
Opening an account on Binance TR is quite easy. Go to trbinance.com and proceed from the “Create Account” step. In the first step of account creation, you will be asked to enter basic information such as email address, phone number, name-surname, date of birth, nationality, and T.C. identity number. After entering the requested information completely and accurately, email/SMS verification will be done to confirm the information. After completing this process, you will proceed to the second step, identity verification (KYC).
How to Verify an Account on Binance TR?
Identity verification on Binance TR is one of the security procedures that must be completed before starting cryptocurrency trading and during account creation. This process is also necessary to protect both the user and the cryptocurrency exchange. You can choose to verify via your phone or the official Binance TR website.
On the Binance TR website, hover over the “Profile” option at the top right, click on “Identity Verification and Limits” from the drop-down menu, and then click “Verify.” After this step, you will need to scan the QR code with your phone camera and continue the process on your phone. If you cannot scan the QR code, you can click “Copy URL” to have the identity verification address sent to your phone via SMS.
When you enter the address on your phone or scan the QR code, a screen like the one below will open on your phone. First, tap “Identity” to continue. Then a screen like the one below will appear. To continue with the verification process, first select the document type that suits you. After selecting the document type, tap “Upload Front” to continue. After taking a photo of the front of the document according to the document type you selected, tap “Upload Back” and take a photo of the back of the document. Ensure that the images are clear and that the information in the photos is easily readable when taking photos of the front and back of your ID card or driver’s license. Then tap “Selfie” to continue. At this point, your phone’s front camera will open, and you will need to scan your face. Make sure your face fills the camera area as much as possible once the camera opens. After completing all these steps accurately and completely, your identity verification process will be completed in a short time.
How to Deposit TRY on Binance TR?
You can easily deposit TRY into your Binance TR account from all banks. You can deposit and trade 24/7 from your Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, and Türkiye Finans accounts. Deposits from other banks can be made 24/7 up to 50,000 TRY via FAST. Deposits over 50,000 TRY from other banks are processed during EFT hours.
To deposit money into your Binance TR account, first go to trbinance.com, hover over the “Wallet” option at the top left of the homepage, and click “Deposit” from the drop-down menu. Then a page like the one below will open, and you can continue the deposit process by selecting your preferred bank. If your preferred bank is not yet integrated with Binance TR, you should click “Other Banks” to continue.
In this example, we will continue using Vakıfbank, but the process is the same for all other banks. When you click on the Vakıfbank option, you will see an account name and IBAN address where you can make a transfer via havale, EFT, or FAST. After your bank completes the transfer, the funds you sent will automatically be reflected in your Binance TR account wallet.
How to Buy BLUR Coin with TRY on Binance TR?
After the deposit process, click on the “Buy-Sell” option in the top left menu of the Binance TR website to proceed to the BLUR coin purchase step with TRY. After clicking this option, the page below will open. In the search section on the right side of this page, type “BLUR” and click on the BLUR/TRY option from the results to go to the BLUR purchase page with TRY. Now the BLUR trading page will open as shown below. In the red-marked area on this page, enter the price at which you want to buy BLUR in the first box and the number of BLUR you want to buy in the second box. After entering the amount, click the “Buy BLUR” button to complete your purchase.
What is Binance TR?
Binance, the world’s largest cryptocurrency exchange by trading volume, launched its platform Binance TR for cryptocurrency investors in Turkey in 2020. The cryptocurrency exchange, headquartered in Istanbul, can be accessed at trbinance.com. Binance TR leverages Binance’s technology, security measures, and liquidity provided through the Binance Cloud infrastructure to offer both fiat-to-crypto and crypto-to-crypto trading services. Users in Turkey can seamlessly deposit and withdraw Turkish lira (TRY) directly through bank channels and trade various cryptocurrencies with TRY pairs via Binance TR. Users can access market-leading spot trading liquidity, a powerful matching engine, advanced security protocols, custody solutions, and risk controls supported by Binance’s core functionalities through Binance TR.
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