Blur, once one of the largest NFT marketplaces on Ethereum, has announced that its website will shut down on November 12 following a dramatic decline in trading activity.
The platform’s monthly trading volume fell from approximately $1.43 billion in March 2023 to less than $7 million in March 2026, representing a decline of more than 99.5%. The sharp contraction highlights the broader challenges facing the NFT sector as market activity has weakened significantly from previous cycle highs.
Alongside the marketplace shutdown, Blur’s NFT lending service, Blend, will stop accepting new loans starting November 12. However, Blur’s smart contracts on the Ethereum network will remain active, allowing existing blockchain infrastructure to continue operating.
The decision marks a major shift for a platform that previously gained significant market share by attracting professional NFT traders through features focused on speed, liquidity, and advanced trading tools.
Following the announcement, the BLUR token price declined more than 20%, reflecting market concerns surrounding the future direction of the project and the wider NFT ecosystem.
The shutdown also comes after the blockchain project Blast, associated with Blur’s founder, previously announced plans to close operations. Together, these developments indicate continued pressure on NFT-focused platforms as trading activity, user demand, and market participation remain far below previous levels.
The NFT sector will continue to face questions around long-term demand, sustainable business models, and whether platforms built during the previous market expansion can adapt to changing user behavior and lower trading volumes.
