Blur, once the largest NFT marketplace on the Ethereum network, announced it will shut down its official web interface on November 12, 2026. Additionally, Blend, the NFT-backed lending protocol operated by Blur, stated it will cease new loan matching.
Following the announcement, the BLUR token experienced a sharp decline.
The Protocol on the Chain Will Continue to Work!
According to the company’s statement, Blur’s decision affects the web interface where users buy and sell NFTs. However, while the website will be shut down, the smart contracts of the Blur marketplace will continue to operate on the blockchain.
The BLUR token will also retain its governing role over the protocol’s fee mechanism. Therefore, this decision does not mean the complete elimination of the on-chain marketplace. According to the statement, while the way users access the platform will change, the core protocol functions will continue.
Blur also announced that it will offer a separate interface tool to help users pull their assets from Blend after the shutdown. However, the exact release date of the tool has not yet been announced.
Sharp Drop in BLUR Token!
During the NFT boom, Blur, a major competitor to OpenSea, rose to prominence due to its fee-free transactions and captured 70% of NFT activity on the Ethereum network. However, the announcement of its closure caused a sharp drop in the price of the BLUR token.
At this point, BLUR, which has experienced a 35% drop in the last 14 hours, has fallen to around $0.012, and its market capitalization has dropped to approximately $35.8 million. This price is well below the $5 level that BLUR reached in early 2023.
This decision to shut down cryptocurrency exchanges also prompted action. Upbit, Bithumb, and Coinone, three of South Korea’s largest cryptocurrency exchanges, added BLUR to their list of assets at risk of delisting.
*This is not investment advice.
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