NFT marketplace Blur will end its frontend service in November, The Block reported on Oct. 12.
Blur will close the frontend but continue operating its on-chain marketplace protocol, the report said.
The Block data showed Blur's monthly trading volume peaked at about $1.43 billion in March 2023 and fell to below $7 million in March this year. After the announcement, the Blur token fell more than 20 percent to about $0.015.
The announcement came shortly after Ethereum layer-2 networks Blast and Abstract said they would stop operations. Blast was created by Blur founder Tieshun "Pacman" Roquerre (티슌 '팩맨' 로케르), and was developed by the same team as Blur. Roquerre disclosed his identity in early 2023 and said he aimed to build the "Binance of NFTs."
Blur fueled competition in the NFT marketplace market with a policy of setting creator royalties low. That policy put pressure on creators' revenue, including Yuga Labs, the operator of Bored Ape Yacht Club. Critics have pointed out that the incentive-driven trading model used by Blur encouraged suspicions of airdrop farming and wash trading, The Block reported.
Chi-gyu Hwang
delight@d-today.co.kr