Blur, once the largest Ethereum NFT marketplace, has announced that it’s shutting down.
Back in the day, it used massive token giveaways and subsidies to pull OpenSea off its throne, and its trading volume topped the charts for a while. But once the subsidies stopped, the real demand—or lack of it—became clear: trading volume plunged 99%. Now even Upbit has put BLUR on its investment warning list, while its Blend lending platform still has a pile of BAYC collateral positions waiting for someone to take them over and migrate them.
This isn’t just the failure of one project—it’s a sign that the entire NFT era is ebbing away. Those wildly overpriced JPGs hyped during the bull market are finding no buyers today. Capital has long since moved on to newer, more exciting narratives like memecoins and AI.
For crypto, this is a sobering slap in the face: prosperity built on subsidies and airdrops ultimately won’t last. The survivors will be the things people are willing to use every day with real money.
ETH is hovering around $2,500. The shutdown of NFTs, once hailed as a killer app, isn’t good news for it—there’s one less story to tell.
Back in the day, it used massive token giveaways and subsidies to pull OpenSea off its throne, and its trading volume topped the charts for a while. But once the subsidies stopped, the real demand—or lack of it—became clear: trading volume plunged 99%. Now even Upbit has put BLUR on its investment warning list, while its Blend lending platform still has a pile of BAYC collateral positions waiting for someone to take them over and migrate them.
This isn’t just the failure of one project—it’s a sign that the entire NFT era is ebbing away. Those wildly overpriced JPGs hyped during the bull market are finding no buyers today. Capital has long since moved on to newer, more exciting narratives like memecoins and AI.
For crypto, this is a sobering slap in the face: prosperity built on subsidies and airdrops ultimately won’t last. The survivors will be the things people are willing to use every day with real money.
ETH is hovering around $2,500. The shutdown of NFTs, once hailed as a killer app, isn’t good news for it—there’s one less story to tell.