NFT market downturn, sluggish trading activity, Huang Lizheng calls for adjustment of Blur mining rules

Considering the underperformance of the NFT market, Huang Licheng hopes that the trading platform Blur can adjust the rules for liquidity mining in the fourth quarter to reflect the current market conditions of NFTs, prioritizing protocols and royalties. In addition, Huang Licheng is already one of the largest individual holders of BLAST tokens.

NFT Daily Traders Fall Below 4,000

Despite occasional highlights in the NFT market, such as the NFT collaboration project between Adidas and Stepn, and the success of physical toys from the Pudgy Penguins project scheduled for release in 2025, most NFT-related news still tends to be negative.

STEPN and Adidas Collaborate on NFTs for a Healthier Gaming Experience

Mainly focusing on the data showing a decline in trading activity, the trading volume and floor price of most NFTs have been generally decreasing. The once popular Bitcoin NFT category, Ordinals, has been replaced by Runes, and analyst Ignas also points out the current decline in the Runes trend.

According to data from The Block, the monthly trading volume of NFTs is less than one-tenth of the billions of dollars traded in 2021 and 2022. Additionally, the daily Ethereum NFT traders have fallen below 4,000 for the first time since June 2021. In February 2022, the daily trading users once exceeded 80,000.

Blur TVL Falls Below $100 Million, Huang Licheng Hopes for Adjustment of New Rules

According to DefiLlama, the total value locked (TVL) of the mainstream exchange platform Blur has also fallen below $100 million, hitting a new low since November last year, a 50% drop from the peak of $216 million in March this year.

Brother Machi Huang Licheng expressed his hope that Blur's founder, Pacman, could adjust the liquidity mining rules for the fourth season to reflect the current market conditions of NFTs, and prioritize protocols and royalty fees.

Despite Pacman being criticized by the community for the unsatisfactory airdrop of his Layer2 project Blast, Huang Licheng seems to be quite supportive of both Blur and Blast.

According to Spot On Chain monitoring, Huang Licheng continued to buy into the BLAST token after its launch, exchanging around $4.65 million ETH for 198 million BLAST tokens, making him one of the largest individual holders.

BLAST Airdrop Starts Tonight at 10 PM, Distributing 17 Billion BLAST Tokens