Once-largest Ethereum NFT marketplace Blur is shutting down after volumes collapse 99%
Reported by CoinDesk · AI-assisted summary by ChikoCorp AI News Desk
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Summary
Blur, once the largest Ethereum NFT marketplace, announced it will shut down its website on November 12, 2026, and stop arranging new loans through its NFT lending service, Blend. The decision comes after monthly trading volume collapsed by more than 99.5%, dropping from $1.43 billion in March 2023 to under $7 million in March 2026. Despite billions in trading volume, Blur generated no protocol revenue from fees over the past three years, as it operated a fee-free marketplace. This shutdown follows a similar closure of Blast, another project by Blur’s creator, Tieshun Roquerre.
Why it matters
The closure signals a major retreat for a once-dominant player in the Ethereum NFT market, reflecting significant declines in trading activity and market dynamics. It also highlights the challenges of sustaining fee-free marketplaces and incentive-heavy models amid dwindling volumes. The source does not explicitly discuss broader market or policy implications.
Key context
Blur launched in 2022, growing rapidly by targeting professional traders with faster transactions, zero fees, and token rewards, briefly capturing over 70% of Ethereum NFT trading volume. Blend, its lending service, will cease new loans while allowing borrowers time to repay or default. Unlike Blast, which cited operational losses, Blur has not publicly attributed its shutdown to financial issues. BLUR token holders still control governance features like fee settings despite the site closure.
Key numbers and entities
Tieshun Roquerre (aka Pacman) is the creator of Blur and Blast. Blur’s monthly NFT trading volume fell from about $1.43 billion in March 2023 to less than $7 million in March 2026. Blast once held more than $2 billion in assets, shrinking to roughly $32 million before closure. BLUR token dropped over 20% following the shutdown announcement, trading around $0.015. Blur reports over $7.4 billion in lifetime trading volume.
What remains unclear
The exact reasons behind Blur’s shutdown are not detailed, including how much revenue (if any) it earned from services other than trading fees. The breakdown of trading activity between genuine buyers and speculative traders remains unknown. The source does not indicate the impact of the shutdown on users beyond loan repayment timelines or outline any future plans beyond smart contract maintenance.