Pro
Blast Off: NFT Perpetuals and L2s
Key Insights
- New Layer-2: The team behind Blur, a prominent NFT marketplace, announced the development of a new L2 called Blast, which aims to reduce transaction costs and provide opportunities for NFT perpetual products.
- Raised from Paradigm: Blast has raised $20 million from large VC firms and notable figures in the Twitter and NFT communities to fund its development.
- Large Initial Deposits: Blast has already attracted significant deposits, with nearly $200 million in TVL, and offers unique features such as earning yield on stablecoin deposits and using points for rewards and referral incentives.
- Product Risk: The success of an NFT perpetual product on Blast may depend on the direction of NFT usage and market revitalization.
The What
The team behind Blur, the prominent NFT marketplace, announced the development of a new L2, Blast, yesterday. To fund the effort, $20 million was raised from large VC firms such as Paradigm and also from notable Twitter and NFT figures.
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Prior to joining Messari, Seth worked in traditional finance software and services, and has a MSc in Applied Mathematics. Seth is a Senior Research Analyst on the Enterprise Research team, and focuses on infrastructure, verifiable compute, and the AI x Crypto intersection.
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