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Blur’s Demise Casts Shadow on NFT Market, Potential for Rebirth Ahead

source-logo  cryptonewsland.com 21 August 2023 11:18, UTC
  • The host of the Good Luck podcast says the last days of Blur are coming to an end.
  • He talks about how the actions of the platform brought harm to the NFT market.
  • Yet he believes the NFT market can rally once more after the demise of Blur.

A prominent figure in the crypto space takes to social media to talk about the fall of the NFT market and Blur’s part in it. In detail, the co-founder of Blocktones and host of Good Luck podcast says Blur’s demise is near.

Blur is finally dying, but not before nearly dragging down the NFT market with it.

Here's a mini thread/rant on how we got here and what I think happens next ↓ pic.twitter.com/HexRT6ME2x

— gino.eth 💽 (@GinoTheGhost) August 20, 2023

As we can see from the post above, the trader talks about how Blur’s fall will drag the NFT market with it. He goes on to explain his thoughts in a detailed thread. He begins by talking about people coming to the realization that Pacman coins are practically worthless.

In turn, this awakening will spark the unfolding of genuine capitulation. To specify, the post says that the damage has already been done. However, the post also says that this will lead to a chance at reclaiming jpeg glory.

The post stresses on how Blur stripped away the visual element that is a crucial part of NFTs. Thus, he believes that NFTs merely became entries on a spreadsheet. In turn, the impact came upon NFT holders who often connect with their NFTs emotionally. Now, this emotional bond has faded away.

In fact, the post even highlights how of course NFT traders care about the floor prices. Yet, somehow DeFi got in the way and DeFi nerds turned jpegs into stock tickers. Indeed, the post seems quite adamant about Blur’s role in weakening the NFT market. Thus, the post paints a strong picture where Blur’s impact on the NFT world has been significant.

By reducing NFTs to spreadsheet entries, it severed the emotional connection that collectors and enthusiasts had with their digital art. Discussions around traits, aesthetics, and rarity faded away, replaced by a focus on trading volume akin to stock markets.

As a result, the erosion of the NFT art collector’s essence has been a consequence of Blur’s focus on speculative trading. By incentivizing volume for short-term gains, the project encouraged a churn of assets between participants with little regard for genuine engagement.

While Blur’s collapse seems imminent, the aftermath offers an opportunity for the NFT market to rebuild. Many believe that the future remains digital, and genuine ownership of digital assets will be pivotal. However, the lessons from Blur’s impact on the NFT community highlight the need for more responsible practices and a return to the core values that initially drew individuals to the NFT space.

Lastly, the post expresses how the path to recovery is uncertain. Yet there is a shared belief that the NFT world can rebound stronger. The post ends with a spark of hope. As the community navigates through the shadow cast by Blur’s decline, the potential for a renaissance in the digital art space emerges.