Traders buy NFTs either via the Blur aggregator or Blur's own marketplace from creators & and other users. When trading via Blur's own marketplace, traders pay royalty fees to the creators (supply-side fees).

Blur is a non-custodial NFT marketplace and a marketplace aggregator protocol built on Ethereum. Blur was founded by a pseudonymous team and launched in 2022.

BLUR tokenholders own and govern the protocol. They currently do not take a cut of the royalty fees paid by traders (revenue). Blur's investors include Paradigm, eGirl Capital, etc.

governance

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etherscan

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NFT marketplaces

Blur

# Blur Expenses Methodology

## 1. Overview

Blur expenses measures the daily USD value of BLUR tokens distributed through airdrops to users. This metric quantifies the cost of user acquisition and retention through token incentive programs, specifically tracking tokens claimed from Blur's two airdrop campaigns. The calculation aggregates all airdrop claims by day and converts the token amounts to USD values using end-of-day pricing.

## 2. Data sources

The calculation relies on the following raw data sources:
- **Blockchain events**: Parsed Ethereum `BlurAirdrop_Claimed_event` and `BlurAirdrop2_Claimed_event` logs from Blur's airdrop smart contracts
- **Token metadata**: BLUR token contract information including decimal precision (18 decimals) and contract address (`0x5283d291dbcf85356a21ba090e6db59121208b44`)
- **External data**: End-of-day price feeds for BLUR token USD conversion
- **Transaction data**: Ethereum transaction hashes and block timestamps for event context

## 3. Step-by-step calculation

### Component A: Airdrop claim extraction
- **Purpose**: Extract and standardize all BLUR token airdrop claims from blockchain events
- **Logic**: Parse `BlurAirdrop_Claimed_event` and `BlurAirdrop2_Claimed_event` logs from Ethereum, extracting claimer addresses, claimed amounts, block timestamps, transaction hashes, and log indexes. Add consistent business classification metadata including chain (`ethereum`), business line (`NFT marketplace`), market sector (`nfts`), and business segment (`marketplace`). Set the BLUR token address and airdrop account information for tracking.
- **Key fields**: `claimer_address` (recipient), `amount` (raw token units), `block_timestamp`, `token_address`, `transaction_hash`

### Component B: Daily aggregation and USD conversion  
- **Purpose**: Group airdrop claims by day and convert token amounts to USD values
- **Logic**: Truncate block timestamps to daily boundaries and aggregate total token amounts claimed per day. Apply decimal correction to convert raw token units to human-readable amounts using BLUR token's 18-decimal precision. Convert daily token totals to USD using end-of-day BLUR token price feeds, ensuring amounts are properly scaled and denominated.
- **Key fields**: `timestamp` (daily), `token_incentives` (USD value), `timestamp_grain` (day)

### Final aggregation
- **Combining components**: The processed daily USD amounts become the `token_incentives` values, which are directly mapped to `expenses` in the final metric
- **Currency conversion**: BLUR token amounts converted to USD using end-of-day price feeds with decimal correction applied
- **Time aggregation**: Daily boundaries determined by truncating block timestamps to day level
- **Final calculation**: Sum of all BLUR tokens claimed via airdrops per day, expressed in USD, representing the daily expense of token incentive programs

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Total project operating and incentive expenses.

BlurBLUR

Expenses

Expenses

Competitive landscape

Chain breakdown