Blur Ethereum destroyed more than Optimism

It is reported that according to the data of Ultrasound.money, the destruction volume of Blur Ethereum, the aggregator in the NFT market, has reached 7225.25 ETH, surpassing Optim (7182.58 ETH).

Interpretation of this information:

The message reports that the damage caused by Blur Ethereum, an aggregator in the NFT market, has surpassed that of Optim, another aggregator in the same market. This damage is measured by the amount of ETH destroyed, which is the currency used in the Ethereum network.

To understand what this means, we need to first define what NFTs and aggregators are. NFT stands for non-fungible token, which is a type of digital asset that represents something unique and indivisible, like a piece of art, a collectible, or a game item. NFTs have gained popularity recently as a way to buy, sell, and collect digital assets using blockchain technology.

Aggregators are platforms that aggregate NFTs from various marketplaces and allow users to search, discover, and bid on them in one place. Aggregators like Blur Ethereum and Optim provide a convenient way for NFT buyers and sellers to access a wide range of NFTs and marketplaces without having to navigate each one separately.

Now, back to the message. When it says that the destruction volume of Blur Ethereum has surpassed that of Optim, it means that more ETH has been destroyed on Blur Ethereum than on Optim. But what does it mean to destroy ETH?

In the context of NFTs and aggregators, destroying ETH refers to the process of locking up ETH in a smart contract to participate in a particular NFT sale or auction. When someone wants to buy an NFT, they usually have to bid using ETH, and their bid is locked up in a smart contract until the auction ends. If they are outbid, their bid is returned to them. If they win, their ETH is transferred to the seller.

However, sometimes the auction ends without a winner, or the seller decides to cancel the auction. In these cases, the bids that were locked up in the smart contract are returned to their owners, but the process of returning them can be expensive and time-consuming. Instead, some NFT marketplaces and aggregators have implemented a mechanism where the bids are burned, or destroyed, instead of being returned. This saves on fees and simplifies the auction process.

So, when the message says that Blur Ethereum has destroyed more ETH than Optim, it means that more bids on Blur Ethereum’s platform have been burned instead of being returned, indicating either a higher volume of unsuccessful auctions or a higher adoption of the burn mechanism by Blur Ethereum users.

Overall, this message is significant because it shows that Blur Ethereum is a popular aggregator in the NFT market with an active user base and a significant volume of transactions. It also highlights the importance of aggregators in the NFT market, as they provide a valuable service by making it easier for buyers and sellers to participate in multiple marketplaces with less friction.