Blur, the giant NFT platform of the period, is closing: It was number 1 in Ethereum

Blur, which was once the largest NFT marketplace on the Ethereum network, decided to close. The platform, which is known for not charging transaction fees, seems to have paid the penalty for this with the closure. The platform, whose transaction volume decreased by 99% in the last 3 years, reached a volume of 1.4 billion dollars in 2023. Today it seems that this figure is only 7 million dollars.

Blend will also stop

While the platform did not make money from transaction volumes, the area it relied on most was Blend, where NFTs could be used as collateral and loans could be obtained. With the closure on November 12, Blend will also terminate new loan transactions.

Smart contracts underlying the Blur system will continue to operate on the Ethereum network. So transactions on the blockchain will continue.

Following the closure news, Blur token also dropped by more than 30%. The token is currently down 99.7% from its all-time high…

From 70% to where…

Blur, which was a major rival to OpenSea when it was founded in 2022 during the NFT craze and even reached the top due to not charging transaction fees, also captured 70% of the NFT activity on the Ethereum network. Token rewards and fast transactions were also the biggest reasons why users preferred the platform.

Since the platform did not charge any transaction fees, it showed its earnings here as "zero".

One of the biggest sources of profit was the Blend protocol.