Blur, Ethereum's largest NFT marketplace, is shutting down after its volume collapsed 99%.

Blur will close its website on November 12, after monthly trading fell from a peak of about $1.43 billion in 2023 to under $7 million. The closure comes ten days after its sister project Blast announced it was shutting down.

Blur, once the largest marketplace for trading Ethereum NFTs, is shutting down its website next month after trading activity fell by more than 99% from its peak, the second major pullback in the past ten days for projects built by cryptocurrency entrepreneur Tieshun Roquerre.

The marketplace said on Monday that its website will shut down on November 12, while its NFT lending service, Blend, will stop arranging new loans.

Borrowers have until that date to repay their loans or allow them to default. Blur plans to then offer a separate tool for extracting assets from Blend.

Blur's underlying smart contracts remain operational on Ethereum, meaning the shutdown does not remove the blockchain-based trading system. BLUR token holders will retain control of its fee switch – a mechanism that allows them to vote on whether or not the market should charge transaction fees.

The decision follows the October 2 shutdown of Blast, an Ethereum scalable network created by Roquerre, aka Pacman, and built by the team behind Blur.

Blast once attracted more than $2 billion in assets, in part through rewards offered to users who deposit funds. That figure dropped to about $32 million when the developers announced the shutdown, saying the cost of operating the network was greater than its revenue.

Launched in 2022, the program challenged then-leader OpenSea by offering faster transactions, lower fees and crypto rewards to professional traders.

DefiLlama data shows that Blur accounted for more than 70% of Ethereum NFT trading volume in March 2023, when activity on the platform reached about $1.43 billion.

By March 2026, this monthly volume had dropped below $7 million, a decline of more than 99.5%.

But Blur Market generated no transaction fee revenue for all that trading activity. The platform charged no fees to traders, and Token Terminal has recorded $0 in protocol revenue over the past three years despite billions of dollars in NFT transactions. However, the figure does not specify whether Blur made money from its lending services or other activities.

Blur's aggressive incentive programs have been criticized for encouraging speculative trading and putting pressure on royalties paid to NFT creators. Trading figures alone do not indicate how much activity is coming from genuine buyers rather than traders looking for bonuses.

Meanwhile, unlike Blast, Blur has not publicly attributed its shutdown to operating losses.

Its website still advertises zero market fees and more than $7.4 billion in lifetime trading volume, a reminder of how quickly trading has grown.

BLUR fell more than 20% after Monday's announcement, trading around $0.015. Blast users have until October 26 to opt out through the regular network interface. Blur's separate shutdown follows on November 12.

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