Blur Founder Raises $40 Million Funding to Enhance NFT Presence on Ethereum Layer 1
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Blur’s founder Pacman raised $40 million funding to contribute to the development of the Blur NFT ecosystem.
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.”
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.
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