NFT marketplace Blur announced the closure of its website frontend, scheduled for November 12. Despite this, the platform confirmed that its onchain marketplace will continue to operate.
The lending protocol Blend, associated with Blur, will stop matching new loans. Borrowers are required to repay outstanding loans by the November 12 deadline or face default.
Blur launched on October 19, 2022, and previously surpassed OpenSea in trading volume. The platform gained prominence by allowing optional creator royalties and offering token rewards.
Data from Nansen indicates that average creator royalty fees dropped from 2.5% in 2022 to 0.6% by July 2023, a shift attributed to Blur’s policies and market competition.
The NFT market currently faces a significant decline in activity. According to CryptoSlam, total NFT sales reached $167 million in September, compared to the January 2022 peak of $6 billion.
