How to earn Blur points without getting rekt
1. Watch for pump and dumps
This happens when a whale aggressively bids up a collection. Other bidders jump in too and the floor keeps rising. Then, the whale sells their NFTs into those bids.
The result? The whale cashes out and guys like this are left holding the bag.
Cool Cats and Art Gobblers bidders just got their ETH gobbled from giga pump and dumps. There are many more instances. Stay away from collections with spiky charts and buys coming from a couple of wallets.
2. Check your bids before adding more ETH to your Blur account
A Blur bid becomes deactivated if your account's ETH balance falls below a bid's price... and then reactivated if you add sufficient ETH back to your account.
What's the problem? Well... here's what could happen:
You have a bid that deactivates
The collection floor price drops
You send more ETH to your account
Your bid reactivates and you overpay
This is more probable than you may think because your Blur balance shrinks with every flip (you buy in bETH and sell in ETH).
3. Don't flip an NFT for less than it's worth
So your bid hit... now you must undercut the floor as fast as possible right?
WRONG!!!
Review the NFT's traits to see if it's rare and check if there's an offer on OpenSea above the Blur floor. You may become pleasantly surprised.
4. No fat-fingering!
The more you bid, the more likely you are to make a mistake at some point. Blur's seamless bidding experience is great for efficiency but the accelerated process gives you less time to check for errors. Even some of the best traders are prone to this error.
Always scan for the error message below before submitting a bid. Using a hardware wallet will make you take another moment to check things too. Ultimately, you should only trade with what you can afford to lose as anything can happen.
5. Monitor lowball bids
You can earn a lil BLUR by placing a large bid well below the floor price. But, you risk forgetting to cancel it and ending up with a big bag of NFTs you don't want. You can get NFT price alerts from oSnipe (Discord) or & Ether Drops (Telegram).
6. Don't bid above the floor on untradeable collections
Some collections on Blur can have bids placed but not accepted. Naturally, degens figured out they could place bids at no risk and earn points.
WOOHOOO amirite?!
Not so fast...
Collection can enable trading at any moment and the overpriced bids will be accepted… which is what happened in the tweet below. You may also see overpriced bids during the first hour a collection is live because recently transferred NFTs cannot accept bids.
Btw, bidding above the floor is an ineffective tactic. Points are earned based on how close they are to the floor — not by the highest price... So, bids above the floor actually earn FEWER points.
7. Beware of collections enforcing royalties
Blur is now included in OpenSea's NFT marketplace whitelist. If a collection you're trading opts into this whitelist, the royalties will make it much less attractive to trade and many farmers will probably cancel bids and undercut.
8. Track Blur's liquidity
Some farmers exited their positions before the Blur airdrop which led to prices falling (because bids 📉 & listings 📈). Another crash could happen before April 1st when the 2x bonus ends.
Futhermore, platforms like @OriginsNFT and @Magically_gg are coming and so is @gemxyz V2. They can use aggressive token incentives to try to lure away the farmers. TBD if any succeed.
You can see where Blur's TVL is trending on @DefiLlama to stay on top of this.
In summary:
Avoid pump and dumps
Check your bids before adding ETH
Monitor lowball bids
Review the NFT before listing
No fat fingering!
Don't bid above the floor
Beware of collections enforcing royalties
Track Blur's TVL
Thanks for reading!
I wish you the best of luck bidding and hope this thread helps you do it a little safer 🫡
Lmk below how your Blur bidding journey has been so far...
Are there any precautionary measures you recommend or opportunities you'd like to share?