NFT MARKETPLACE BLUR IS SHUTTING DOWN AFTER VOLUMES COLLAPSE 99%

Summary from the TLDR Crypto newsletter

Blur will close its marketplace and lending arm Blend on November 12 after monthly Ethereum NFT trading volume fell 99.5% from its March 2023 peak of $1.43 billion, when the platform held over 70% of ETH NFT market share, to under $7 million. Token Terminal records zero protocol revenue across three years of operation, as Blur charged no transaction fees throughout its run, a model that built dominant volume but left no economic foundation. The shutdown follows Blast network's closure by ten days, with both projects built by Tieshun Roquerre (Pacman), and Blast's TVL having fallen from $2 billion to roughly $32 million before its team cited unsustainable operational costs. The BLUR token dropped over 20% on the announcement, trading around $0.015.