Original source: The Decentralised.co
– Pacman, founder of Blur and Blast, discusses the key issues with NFT marketplaces like OpenSea.
– Blur focuses on liquidity and incentivizes market growth through its points system.
– The next big crypto cycle is yet to begin, according to Pacman, pending major innovations.
– Blast aims to address inefficiencies in Layer 2 networks, offering native yields and developer benefits.
Blur’s Unique Market Perspective
Pacman, the founder of Blur, shared his insights on the NFT marketplace in the 19th episode of The Decentralised.co’s podcast “Building on First Principles.” Reflecting on his experience as an NFT trader, he pointed out a crucial flaw in platforms like OpenSea: they treat their users as shoppers, not traders. For most users, NFTs are seen as items to buy and hold, but Pacman believes many are active traders who need real-time data and tools.
OpenSea’s eBay-like interface makes NFT trading cumbersome, says Pacman. Traders need constant access to updates, rarity data, sales figures, and bids, which is why Blur was designed with traders in mind. According to Pacman, most NFT platforms overlook this need, focusing instead on casual collectors.
Moreover, Pacman compared OpenSea’s culture to Apple’s during Steve Jobs’ era, stating that the issue isn’t about lack of data but how the data is interpreted. Blur’s success, in part, lies in recognizing that many users are more than shoppers; they are traders who need an advanced platform to support their needs.
Incentive Systems and the Future of Crypto
Pacman also discussed Blur’s approach to incentives. Unlike traditional airdrops, which reward users retroactively and often encourage random behavior, Blur’s incentive system is explicit and rewards liquidity. For Pacman, liquidity is the key metric that matters. Blur’s system is designed to prevent manipulation and encourage genuine market participation.
When it comes to the broader crypto market, Pacman remains cautious. He believes that the next major cycle is still on hold, waiting for true innovation. While current trends, like the rise of NFTs, have added to the market, Pacman argues that they aren’t as transformative as previous cycles, such as the launch of ICOs or DeFi.
He also introduced Blast, another project aiming to fill gaps in the crypto space. Blast seeks to address inefficiencies in Layer 2 networks, offering unique benefits like native yields and a system that returns gas fee revenue to developers. This innovation could be a step toward the kind of market-changing development Pacman believes is needed to kickstart the next major crypto cycle.
