Founder of Blur: NFT sector needs Layer 2, has raised $40 million for Blur ecosystem development.

On November 21, Pacman, the founder of Blur, posted on social media that the two biggest opportunities for NFTs are reducing transaction costs and institutional-grade perpetual rights. Gas fees for NFT transactions have cost hundreds of millions of dollars, and perpetual contract trading volume is six times that of spot trading volume, and these opportunities require L2. Meanwhile, the Blur protocol has another problem. There is $100 million TVL in the Blur pool that is not earning revenue. This means that Blur users are losing money due to depreciation. After further research, Pacman realized that almost every on-chain dapp has this problem. So he conducted in-depth research on Layer 2 and realized that there is a way to immediately solve all these problems. The new L2 that provides native revenue to dapps and users will allow the Blur ecosystem to avoid asset depreciation, reduce NFT transaction costs, and launch NFT perpetual rights. Therefore, Pacman founded a new Layer 2 called Blast. In addition, Pacman has also raised an additional $40 million to contribute to the Blur ecosystem. These funds will be used to build L2 applications for NFTs and continue to promote NFT development on ETH L1. Pacman stated that he will personally supervise the development of both Blur and Blast projects. Previously reported by BlockBeats, Blast, a Layer 2 network based on Optimistic Rollup launched by Blur founder Pacman, announced today that it has completed a $20 million financing round, led by Paradigm, Standard Crypto, eGirl Capital, and several angel investors.