Blur, the NFT marketplace that once overtook OpenSea as the largest by trading volume, announced it is shutting down its website on November 12, while keeping its onchain marketplace operational. The decision has reignited criticism of the optional creator royalty policies and token rewards that drove its rapid rise in 2022-2023. Blur’s growth accelerated a shift toward lower royalties, with effective creator fees dropping to 0.6% by July 2023 from an average of 2.5% in 2022. NFT trading remains far below its boom-era highs, with September sales at $167 million compared to $6 billion at the peak in January 2022. Blend, the peer-to-peer perpetual NFT lending protocol, will also stop matching new loans.
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