NFT marketplace Blur, which once overtook OpenSea by trading volume, says it will shut down its website on Nov. 12, while its onchain marketplace stays operational. Its peer-to-peer lending protocol Blend will stop matching new loans, and borrowers must repay outstanding loans by Nov. 12 or risk default, with a withdrawal interface promised afterward. Many NFT collectors welcomed the move and revived criticism of Blur's optional creator royalties and token rewards, which helped it grow but pushed effective creator royalty fees down to 0.6% in July 2023 from an average of 2.5% in 2022, according to Nansen. The move comes as NFT trading remains far below its peak, with September sales of $167 million across 2.9 million transactions compared with $6 billion in January 2022.
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