Blur to Shut Website on Nov. 12, Drawing Cheers Rather Than Regret From Some NFT Collectors
Summary
- Blur said it will shut down its website on Nov. 12, while its blockchain-based trading system will continue to operate.
- Blur said it became the world’s largest NFT marketplace in 2023 after shifting NFT creator royalties to an optional model and introducing token rewards based on trading volume.
- It said the process hurt NFT creators’ income, increased speculative trading for short-term gains, and spread royalty cuts, weighing on the broader NFT market.
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Some NFT investors are welcoming Blur’s decision to shut down its website rather than lamenting the move.
Cointelegraph reported on Oct. 13 that Blur said on X, formerly Twitter, it will stop operating its website on Nov. 12. Its blockchain-based trading system will continue to operate.
Some NFT collectors cheered the pullback. According to community posts, one collector said Blur “ruined the NFT market” and should “never come back.” Another collector said the platform had tried to destroy the NFT market.
The reaction appears tied to policies Blur adopted in the past. In 2022, the exchange let users choose whether to pay royalties to NFT creators and introduced token rewards based on trading volume. That helped it rapidly increase volume, and in 2023 it overtook OpenSea to become the world’s largest NFT marketplace.
But the shift also drew criticism for reducing creators’ income and encouraging speculative trading aimed at short-term gains. Rival marketplaces also moved to cut royalties, hurting the broader NFT market.
Blur did not disclose a specific reason for shutting down the website.
Uk Jin
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