The end of an era

NFT marketplace Blur, which once flexed as the biggest platform by volume, is officially dipping. The team announced on X this Monday that they are pulling the plug on their website frontend on November 12. While the site is going dark, they clarified that the on-chain marketplace will still be functional for those who need it.

It’s not just the marketplace; their peer-to-peer NFT lending protocol, Blend, is also catching a sunset. They’re stopping new loans immediately, and borrowers have until that November 12 deadline to handle their bags—either by paying back the loan or letting it default. The team says a withdrawal interface will be around after the shutdown, so don't panic-sell just yet.

Why the community is salty

Real talk: not everyone is sad to see them go. The announcement revived massive criticism regarding how Blur played the game during the 2023 NFT boom. By introducing optional creator royalties and aggressive token reward incentives for flippers, they fundamentally changed how the market functioned.

One collector, Cryptobscure, didn't hold back, posting, “Good riddance. You destroyed NFTs.”

Back in 2022, Blur launched with a strategy that allowed sellers to customize royalty payments. This high-key pushed the industry toward lower payouts for creators, a move that rival OpenSea eventually adopted to stay competitive. Blockchain analytics firm Nansen noted that creator royalty fees crashed from an average of 2.5% in 2022 to 0.6% by July 2023, largely pinned on Blur’s dominance.

The bigger picture

Blur hasn't dropped an official reason for the exit, but the vibes in the broader NFT market have been off for a minute. Trading volume is a fraction of its 2022 peak—when we were seeing $6 billion in monthly sales compared to just $167 million this past September. Blur is now just one of many platforms hitting the exits, joining the likes of Nifty Gateway, Rodeo, and Foundation, which have all wound down operations this year.

Why it matters

This is a classic reminder that even the biggest players in crypto are susceptible to market shifts. While Blur’s tech changed the game for traders, its impact on creator sustainability is still a sore spot. Always remember that on-chain activity isn't immune to platform closures—and definitely don't take this as financial advice, especially when dealing with lending protocols.