Podcast Notes | Interview with Blur Founder: Is the NFT Craze Back?

2023.11.10

Podcast Notes | Interview with Blur Founder: Is the NFT Craze Back?

Blur will continue to focus on driving technological innovation, providing creators with better tools and platforms to showcase and promote their work.

2023.11.10 - 05:19:40

BlurNFT

Navigating Web3 tides with focused insights

Blur will continue to focus on driving technological innovation, providing creators with better tools and platforms to showcase and promote their work.

Compilation & Translation: TechFlow

Since the last bull market, NFT trading volume has noticeably declined, recently dropping to about $37 million per week—a figure less than 1% of Bitcoin’s daily trading volume. This downturn raises a critical question: Are NFTs facing extinction, or do they still hold potential for a comeback?

In this episode of the Blockcrunch podcast, we welcome Tieshun, founder of Blur—widely known on Twitter as Pacman. Blur is a unique NFT marketplace that has outperformed OpenSea. Tieshun joins us to discuss why NFTs haven’t died, how Blur competes with OpenSea, and the future outlook for the NFT market.

Host: Jason Choi, Blockcrunch Podcast

Guest: Tieshun, Founder of Blur

Original Title: "Are NFTs Coming Back? Interview with Blur Founder"

Release Date: October 31

Motivation Behind Founding Blur

Tieshun believes the NFT market hasn't died but has instead gone through the typical boom-and-bust cycle. His personal interest in NFTs began in 2021, particularly in NFT trading. He found the existing infrastructure extremely frustrating—mainstream platforms like OpenSea were slow and geared toward retail users.
Tieshun wanted an NFT trading platform similar to Binance. Dissatisfied with the current market infrastructure, he saw room for improvement and thus began building Blur with his team.
Although current NFT trading volumes are lower compared to the bull market, Tieshun believes the market still maintains vitality in absolute terms. For a market recovery, new projects, novel financialization methods, and new asset types will be necessary.
Tieshun attributes his accurate grasp of NFT market potential partly to prior experience in a similar domain—blockchain domains—which allowed him to recognize the vast market and dynamism of NFTs on Ethereum.

How to Revive the NFT Market?

Tieshun points out that the current slump doesn’t mean the entire industry is doomed. Instead, he sees it as a self-correcting process—a transition from excessive hype to sustainable development.
The previous explosive growth in the NFT market was driven by speculation and short-term hype. Now, the market is undergoing a shakeout, eliminating unhealthy elements and laying the foundation for future growth.
Tieshun emphasizes that the market needs more innovation and originality to attract users and investors. He highlights Blur’s unique features, noting that Blur aims to deliver a completely new trading experience distinct from traditional platforms like OpenSea.
Blur introduced a special feature called "masking," allowing users to display and trade their NFTs anonymously. This anonymity enhances user privacy and offers a novel experience. Additionally, Blur employs a unique NFT rating system to help users better understand and evaluate the value of different works.
Tieshun mentions that Blur places strong emphasis on close collaboration with artists and creators, providing them with creation tools and resources to encourage the production of unique and compelling NFT artworks. This partnership not only gives artists a platform to create and showcase their work but also offers users a wider variety of choices. By working closely with creators, Blur can offer more pieces with distinctive styles and artistic value, attracting greater user participation.
Tieshun expresses optimism about the future of the NFT market. He believes that ongoing industry development and innovation will lead to continued recovery and growth. Technological advancements, broader application areas, and increasing market participants will all bring new opportunities and room for expansion.

Differences in User Behavior Across Bull and Bear Markets

Tieshun notes that during bull markets, the atmosphere is filled with speculation and rapid price increases, leading to impulsive investment behaviors such as chasing momentum. Many people attempt to profit from short-term trades rather than focusing on the artistic value of the works. This behavior drives prices up quickly, creating a speculative bubble.
However, when the market enters a bear phase, user behavior changes significantly. Users become more cautious and rational. They focus more on the quality and intrinsic value of the artworks rather than blindly pursuing short-term gains. Interest shifts toward originality, scarcity, and collectible value. This shift brings prices back to reasonable levels and removes excessive speculation.
Tieshun adds that users in bear markets tend more toward long-term holding. They focus on the long-term investment value of artworks and are willing to wait for market recovery and growth. This long-term mindset contributes to market stability and allows true value to be recognized and rewarded.

Sustainability of Blur’s Incentive Program

Tieshun reiterates that Blur’s incentive program is powered by the special “masking” feature. To encourage its use, Blur implemented a rewards mechanism: users earn a certain amount of reward tokens when using the masking function.
These incentive tokens are not one-time rewards but real, valuable assets that can be traded and used in the future. This provides lasting incentives and encourages users to continuously engage with and support the Blur platform.
Tieshun also notes that Blur encourages user involvement in platform governance and continuously refines the incentive program based on user feedback. This collaborative approach ensures the program remains aligned with user needs and market dynamics, guaranteeing its sustainability and long-term success.
Tieshun believes that as the platform grows and the user base expands, the incentive program will become stronger and more refined.
He adds that ongoing advancements in blockchain and NFT technologies will enable more innovative solutions and tools, expanding possibilities for incentive mechanisms. For example, smart contracts could support more complex reward structures, making incentives more flexible and customizable. Moreover, improvements in transaction speed and security will provide a stronger foundation for these programs.
Additionally, as the NFT market evolves, new gameplay mechanics and business models will emerge. Platforms could introduce auctions, competitions, or community voting systems, making incentive programs more engaging and better aligned with user expectations.

Importance of KPIs

Tieshun explains that key performance indicators (KPIs) are crucial metrics used to measure and evaluate the success of a business or project. These indicators provide vital insights into operational and developmental status, helping determine whether goals are being met.
He cites examples such as user growth metrics, which measure a platform's ability to attract and retain users; activity metrics, reflecting usage frequency and engagement; retention rates, indicating user loyalty; and revenue metrics, assessing profitability.
Tieshun stresses that only through continuous monitoring and analysis of these metrics can problems and opportunities be identified promptly, enabling timely adjustments to improve performance. Different businesses or projects may require different KPIs, so selecting and defining them should be tailored to specific contexts and objectives.

Blur’s Stance on Royalties

Tieshun defines royalties as payments made to authors or creators based on the sale or use of their works. This is a common copyright protection mechanism designed to ensure creators receive fair economic returns.
He states that Blur highly values creator rights and supports fair royalty systems. Blur is committed to offering a fair and transparent platform where creators can earn appropriate returns from their work.
Blockchain technology enables traceability and immutability, ensuring transparency and trust in royalty processes. Smart contracts can automatically execute terms, accurately calculating and disbursing royalties on time. However, this requires active participation and collaboration from creators and artists to jointly establish suitable royalty policies and mechanisms.

Blur’s Future Plans

Tieshun shares that Blur’s vision is to become an innovative and equitable platform for artists, offering creators opportunities to showcase and promote their work. Their mission is to build a fair and sustainable ecosystem through technological innovation and strategic partnerships.
Blur will continue advancing technological innovation, providing creators with better tools and platforms to present their work. They will also explore blockchain applications to enhance transparency and efficiency in copyright protection and royalty distribution.
Tieshun believes that collaboration with creators, artists, brands, and platform partners is key to realizing Blur’s vision. Close cooperation will drive innovation and sustainable growth across the art industry.
Tieshun concludes that Blur will continue releasing product and feature updates while maintaining close communication with users. They look forward to growing and evolving together with their community.