Blur NFT Marketplace Shuts Down Frontend Nov. 12 as Trading Volume Collapses 97% From 2022 Peak

Blur, the token-incentivized NFT marketplace that briefly dethroned OpenSea in 2023, will close its website and frontend interface on Nov. 12, the company announced Monday on X in its first post there in over a year. The onchain protocol will remain live, but Blend, Blur’s peer-to-peer perpetual lending platform, will stop matching new loans immediately. Borrowers have until the same Nov. 12 deadline to repay outstanding positions or allow them to default; a withdrawal interface will be provided afterward.

The shutdown arrives as the broader NFT market remains mired in a prolonged downturn. September sales totaled $167 million across 2.9 million transactions, according to CryptoSlam — a 97% decline from the January 2022 peak of $6 billion over 13.7 million transactions. Blur did not disclose a specific reason for the decision.

The announcement triggered a wave of hostility from NFT collectors who blame Blur’s token-reward model and optional-royalty structure for accelerating the erosion of creator fees across the ecosystem. “Good riddance. You destroyed NFTs,” wrote collector Cryptobscure in a top reply. Another user, starfruit, added: “You may not have been able to complete your mission to destroy NFTs. But you acted with extreme determination and tried everything. Congratulations to us for surviving you.”

Blur launched on Oct. 19, 2022, offering sellers customizable royalty payments while steering larger BLUR token rewards toward traders who honored higher creator fees. The model arrived one week after rival Magic Eden moved to optional royalties, and it quickly forced OpenSea to abandon mandatory creator fees for new collections in February 2023. By July 2023, blockchain analytics firm Nansen measured effective creator royalty rates at 0.6%, down from a 2022 average of 2.5%, attributing much of the collapse to Blur’s growth and the competitive pressure it created.

The closure follows a string of exits across the NFT infrastructure layer. Gemini-owned Nifty Gateway and social collecting platform Rodeo announced wind-downs in January. Foundation shut down in April after a rescue sale fell through. Binance ended native NFT support on its exchange the same month, migrating asset management to Binance Wallet.

Blur’s onchain order book and settlement contracts will continue to function, meaning existing listings and bids remain executable through alternative frontends or direct contract interaction. The company has not announced plans for the BLUR governance token, which currently trades around $0.15, down from a February 2023 high above $5.