CoinDesk
Blur said its website will close on Nov. 12 after monthly NFT trading volume fell from about $1.43 billion at its March 2023 peak to below $7 million by March 2026. The platform will also stop arranging new loans through Blend, although its Ethereum smart contracts will remain operational.
The marketplace recorded no protocol revenue over the past three years despite processing billions of dollars in trades. BLUR fell more than 20% after the announcement and was trading around $0.015.
Why it matters
Blur rose quickly after launching in 2022 by targeting professional traders with fast transactions, low fees and token rewards. It captured more than 70% of Ethereum NFT trading volume in March 2023, but the collapse in activity shows how quickly incentive-driven volume can unwind when speculative demand fades.
The shutdown also follows Blast’s decision to close. Blast, an Ethereum scaling network created by the same team, had seen assets fall from more than $2 billion to approximately $32 million before announcing its retreat. The two decisions mark a sharp pullback for projects associated with Tieshun Roquerre.
Market impact
Borrowers using Blend have until Nov. 12 to repay their loans or allow them to default. Blur plans to provide a separate tool for withdrawing assets afterward. Its contracts will remain on Ethereum, and BLUR tokenholders will retain control of the fee switch, which could allow them to vote on introducing trading fees.
The closure does not erase Blur’s underlying on-chain infrastructure, but it ends the consumer-facing marketplace and new lending activity. Its lifetime trading volume remains advertised at more than $7.4 billion, underscoring the gap between historical scale and current demand.
Frequently asked questions
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Why is Blur shutting its marketplace website?
Blur is closing the website after monthly NFT trading volume fell from about $1.43 billion in March 2023 to below $7 million by March 2026. The platform recorded no protocol revenue over the past three years.
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What happens to Blur’s Blend lending service?
Blend will stop arranging new loans on Nov. 12. Borrowers must repay their loans by that date or allow them to default, and Blur plans to provide a separate asset-withdrawal tool afterward.
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Will Blur’s Ethereum smart contracts stop working?
No. Blur’s underlying smart contracts will remain operational on Ethereum even after the website closes.
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What happened to the BLUR token after the shutdown announcement?
BLUR fell more than 20% after the announcement and was trading around $0.015.
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Can BLUR tokenholders still change marketplace fees?
Yes. BLUR tokenholders will retain control of the fee switch, allowing them to vote on whether the marketplace should begin charging trading fees.
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