- The Good Luck podcast host says Blur’s final days are coming to an end.
- He talks about how the platform’s actions hurt the NFT market.
- Still, he believes the NFT market can bounce back after Blur’s demise.
A prominent figure in the crypto space is taking to social media to talk about the fall of the NFT market and Blur’s role in it. In detail, the Blocktones co-founder and host of the Good Luck podcast says Blur’s demise is near.
Blur is finally dying, but not before it nearly dragged the NFT market down with it.
Here’s a mini thread/rant about how we got here and what I think happens next ↓ pic.twitter.com/HexRT6ME2x
— gino.eth
(@GinoTheGhost) August 20, 2023
As we can see in the post above, the trader talks about how Blur’s fall will drag down the NFT market. He goes on to explain his thoughts in a detailed thread. He starts by talking about people coming to the realization that Pacman coins are practically worthless.
This awakening, in turn, will trigger the unfolding of true capitulation. To specify, the post says the damage is already done. However, the post also says that this will lead to a chance to regain jpeg glory.
The post highlights how Blur has taken away the visual element that is a critical part of NFTs. So he believes that NFTs have become mere entries on a spreadsheet. In turn, the impact came on NFT holders who often connect emotionally with their NFTs. Now this emotional connection has faded.
In fact, the post even highlights how naturally NFT traders care about rock bottom prices. Yet somehow DeFi got in the way and DeFi nerds turned jpegs into stock quotes. Indeed, the post seems rather adamant about Blur’s role in weakening the NFT market. The post thus paints a strong picture where Blur’s impact on the NFT world has been significant.
By reducing NFTs to spreadsheet items, it broke the emotional connection collectors and enthusiasts had with their digital art. Discussions of traits, aesthetics and rarity faded away, giving way to a focus on trading volume similar to stock markets.
As a result, the erosion of the NFT art collector’s essence has been a result of Blur’s focus on speculative trading. By driving volume for short-term profit, the project encouraged a churn of assets between participants with little regard for real involvement.
While Blur’s collapse may seem imminent, the aftermath presents an opportunity for the NFT market to rebuild. Many believe that the future will remain digital and that true ownership of digital assets will be crucial. 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.
Finally, the post expresses how uncertain the road to recovery is. Still, there is a shared belief that the NFT world can bounce back more strongly. The post ends with a glimmer of hope. As the community navigates the shadows of Blur’s decline, the potential for a renaissance in the digital art space is emerging.
