In an exciting update, Blur's founder has announced a significant fundraising effort, accumulating $40 million to enhance NFT activities on Ethereum's Layer 1.

In Brief

With this latest funding round, Blur's founder, Pacman, aims to foster further growth of the Blur NFT marketplace.

As the person behind the NFT aggregation platform, Pacman is making waves with intentions to enhance the community's offerings. Blur Pacman shared the news of securing $40 million, which he’s set to invest back into developing the Blur ecosystem. This funding aims to promote NFTs within Ethereum Layer 1 environments and support the creation of decentralized applications. Pacman In a recent tweet, the founder of Blur pointed out that there are two major opportunities in the NFT sector: first, lowering transaction fees, and second, creating avenues for institutional-level NFT perpetual trading. He highlighted that NFT transactions currently incur gas fees that total in the hundreds of millions, whereas the trading volume for perpetual contracts is significantly higher than that of spot trades. Blast .

This situation has spurred the development of a new Layer 2 solution designed specifically to tackle these issues.

Pacman introduced Blast According to Pacman, this Layer 2 scaling strategy presents substantial opportunities since it will generate native revenue streams for decentralized applications (DApps) and users, which can help stabilize the Blur ecosystem, lower NFT transaction costs, and facilitate perpetual trading for NFTs.

Blast is set to further empower the Blur ecosystem with its innovative solutions.

Pacman shared his excitement regarding the positive impact Blast could have on Blur, stating, \"Blast is creating the Layer 2 solution I envisioned before Blur came to be. As the Blast team progresses, @BLUR_io will actively test it, deploying its proprietary L2 applications on Blast such as NFT perpetuals, and Blast will in turn reward the Blur community for their support.\"

He expressed that the creation of Blast represents the Layer 2 platform he wished had been available from the start of Blur's journey. As the Blast team continues to develop,

the implementation of L2 applications on this platform will benefit the entire community. Pacman believes that the success of Blast will positively impact both communities, providing a mutual uplift. @BLUR_io The Blur founder is committed to overseeing ongoing developments, but remakes that the insights shared here are not intended to serve as legal, tax, investment, financial, or any other form of advice. It's crucial for individuals to invest only what they can afford to lose and consider seeking professional financial advice if uncertain. For more detailed information, readers are encouraged to review the relevant terms, conditions, and support resources provided by the issuer or advertiser. At MetaversePost, we strive for accuracy and impartial reporting, though the financial landscape can shift rapidly and without prior notice.
— Pacman Blur.io (@PacmanBlur) November 21, 2023

Alisa serves as a passionate journalist at Cryptocurrencylistings, focusing her expertise on cryptocurrency, zero-knowledge proofs, investments, and the expansive Web3 landscape. She has an acute awareness of emerging trends and technologies, providing rich insights to readers navigating the fast-changing world of digital finance. Blur and Blast.

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In an exciting update, Blur's founder has announced a significant fundraising effort, accumulating $40 million to enhance NFT activities on Ethereum's Layer 1.

Disclaimer

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The founder of Blur successfully secured $40 million in funding to bolster the presence of NFTs within the Ethereum Layer 1 environment, as reported by Metaverse Post.