According to Foresight News, Blur founder Pacman announced on Twitter that the two biggest opportunities for NFTs are reducing transaction costs and enabling institutional-level NFT perpetual trading. He noted that NFT transactions have already cost hundreds of millions of dollars in gas fees, and the trading volume of perpetual contracts is six times that of spot trading. These opportunities require Layer 2 (L2) solutions.
Pacman also mentioned that $100 million in total value locked (TVL) in the Blur pool is not earning any returns, meaning Blur users are losing money due to depreciation. After researching L2, he realized that a new L2 offering native returns for decentralized applications (DApps) and users could immediately address these issues. This led to the launch of Blast, which aims to prevent asset depreciation, lower NFT transaction costs, and introduce NFT perpetual trading within the Blur ecosystem.
In addition, Pacman stated that he has raised another $40 million to contribute to the Blur ecosystem. These funds will be used to build L2 applications for NFTs and continue advancing NFTs on the Ethereum Layer 1 (ETH L1) platform.
