In this case varchar is better.
Note that varchar can be from 1 to 65535 chars.
Values in VARCHAR columns are variable-length strings. The length can be specified as a value from 0 to 255 before MySQL 5.0.3, and 0 to 65,535 in 5.0.3 and later versions. The effective maximum length of a VARCHAR in MySQL 5.0.3 and later is subject to the maximum row size (65,535 bytes, which is shared among all columns) and the character set used. See Section E.7.4, “Table Column-Count and Row-Size Limits”.
Blobs are saved in a separate section of the file.
They require an extra fileread to include in the data.
For this reason varchar is fetched much faster.
If you have a large blob that you access infrequently, than a blob makes more sense.
Storing the blob data in a separate (part of the) file allows your core data file to be smaller and thus be fetched quicker.