Blur is shutting down its website, so why are NFT collectors cheering?
Blur’s planned website closure revived criticism of the royalty policies and token rewards that helped it overtake OpenSea during the NFT boom, but hurt creators.
Blur, once the largest NFT marketplace by trading volume, announced the closure of its website next month. The decision has sparked criticism of the royalty policies and token rewards that contributed to its rise but hurt creators. The marketplace, which launched in October 2022, allowed sellers to customize royalty payments while offering larger prospective token rewards for those who paid higher creator royalties.
However, its growth contributed to a drop in effective creator royalty fees, falling to 0.6% in July 2023 from an average of 2.5% in 2022. Blur's website will shut down on November 12, while its onchain marketplace will remain operational. A peer-to-peer perpetual NFT lending protocol associated with Blur, Blend, will also stop matching new loans.
Some NFT collectors expressed relief at the shutdown, calling it "good riddance" and praising Blur's efforts to "destroy NFTs."
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