Blur Founder Raises $40 Million Funding to Enhance NFT Presence on Ethereum Layer 1

by Alisa Davidson

Published: November 21, 2023 at 9:31 am Updated: November 21, 2023 at 9:32 am

by Victor Dey

Edited and fact-checked:
November 21, 2023 at 9:31 am

In Brief

Blur’s founder Pacman raised $40 million funding to contribute to the development of the Blur NFT ecosystem.

Blur Founder Raises $40 Million Funding to Enhance NFT Presence on Ethereum Layer 1

The founder of the NFT aggregation market Blur — Pacman announced the successful fundraising of $40 million that he intends to contribute to the development of the Blur ecosystem. According to Pacman, the funds will be used to promote NFTs on Ethereum Layer 1 and to build decentralized applications atop Blast.

In a Twitter post, the Blur Founder emphasized the two significant opportunities in the NFT space are reducing transaction costs and enabling institutional-level NFT perpetual trading. NFT transactions cost hundreds of millions of dollars in gas fees, while the trading volume of perpetual contracts is six times that of spot trading.

Pacman introduced Blast, a new Layer 2 network designed to address the outlined problem.

Pacman’s perspective, this Layer 2 scaling solution holds significant potential, due to the capacity to provide native revenue for DApps and users that will allow the Blur ecosystem to avoid asset depreciation, reduce NFT transaction costs, and launch NFT perpetual transactions.

Blast Aims to Enhance Blur Ecosystem

Pacman expressed his optimism about Blast’s impact on the Blur ecosystem, stating, “Blast is building the L2 I wish existed pre-Blur. As the Blast team builds, @BLUR_io will dogfood it and deploy its own L2 apps on Blast (i.e., NFT perps), and Blast will in turn reward the Blur community.”

Blast is building the L2 I wish existed pre-Blur. As the Blast team builds, @BLUR_io will dogfood it and deploy its own L2 apps on Blast (ie NFT perps), and Blast will in turn reward the Blur community. Blast’s success will elevate the Blur community and vice versa.

— Pacman | Blur.io (@PacmanBlur) November 21, 2023

The Blur founder anticipates that Blast’s success will uplift both the Blur and Blast communities. The founder stated that he will continue to oversee the development of Blur and Blast.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and engagement with scientific writing.

Alisa Davidson