NFT Marketplace Blur to Close Website
Nonfungible token marketplace Blur is shutting down its website frontend on Nov. 12, according to an announcement on social media reported by Cointelegraph. While the platform’s onchain marketplace will remain operational, its peer-to-peer perpetual lending protocol, Blend, will stop matching new loans.
Borrowers have until the November deadline to repay outstanding loans or allow them to default, with Blur promising a withdrawal interface following the shutdown. The platform did not disclose the reasons behind the decision to shutter the frontend and wind down new lending activity.
The announcement renewed criticism from creators and collectors regarding Blur’s historical policies. During the NFT boom, Blur utilized optional creator royalties and token rewards to surpass OpenSea in trading volume. Critics argue that these strategies accelerated a broader industry shift toward lower creator royalties, severely impacting artist earnings. Several prominent NFT collectors expressed satisfaction with the closure on social media.
The closure follows a prolonged contraction in the sector. Data from CryptoSlam indicates that total NFT sales in September reached $167 million, a significant decline from the peak of $6 billion recorded in January 2022. Several other platforms, including Nifty Gateway, Rodeo, and Foundation, have also announced wind downs or closures amid depressed trading activity across the digital asset ecosystem.
Based on reporting by cointelegraph.com.
