Alex Fong counts losses as Blur folds
Fong was initially a aggressive swimmer, however he moved into Hong Kong’s leisure business in 2001 and married artist Ye Xuan in February 2025. The couple introduced the delivery of a daughter that December.
Fong says the losses on his NFTs have been above something he had misplaced within the inventory market and warned followers to not copy him, blaming a fixation on getting wealthy in a single day.
In September 2021, Christie’s held its first $NFT public sale in Asia, “No Time Like Current,” constructed round Hong Kong actor Shawn Yue’s assortment. The net sale introduced in HKD 121.6 million ($15.6 million) and featured uncommon CryptoPunks, Bored Ape Yacht Membership tokens, and Meebits.
When Jay Chou’s PhantaBear assortment launched a 12 months afterward January 1, 2022, all 10,000 tokens bought out in 40 minutes at 0.26 $ETH every (about $1,000). Inside days, it overtook Bored Ape Yacht Membership. In the meantime, gross sales of Edison Chen’s Coronary heart Mission jumped greater than 20,000% as celebrities rushed in.
Nonetheless, by June 2022, PhantaBear’s flooring value had dropped 96.6% from its peak to about 0.65 $ETH (roughly US$730), beneath its launch value. NFTs tied to Chen and Yue additionally fell beneath their debut costs as soon as the hype light.
A March 2026 CEPR examine written by Economists William Goetzmann, Dong Huang, and Milad Nozari means that many $NFT earnings have been by no means actual. They checked out objects that have been resold and located that SuperRare costs appeared to develop about 490 instances by October 2021, however solely 6.2% of SuperRare NFTs have been ever bought a second time.
Homeowners additionally tended to promote their winners and hold their losers, skewing the information. As a consequence of that, the economists estimate SuperRare’s precise peak was solely about 10% of the reported determine, and it occurred in March 2021, seven months sooner than the numbers instructed.
Why is Blur shutting down?
Blur, which as soon as dealt with over 70% of all Ethereum $NFT trades, stated on October 12 that it’ll shut its web site on November 12. The corporate additionally stated that it could cease providing new loans on its Mix lending service. {The marketplace}’s sensible contracts will keep dwell on Ethereum, and BLUR holders will hold management of the charge change.
Blur’s month-to-month quantity declined from about $1.43 billion in March 2022 to beneath $7 million three years later, a fall of greater than 99.5%. BLUR dropped greater than 20% after the announcement, to round US$0.015. The transfer follows the October 2 shutdown of Blast, one other venture from Blur founder Tieshun Roquerre.
Except for Blur, Cryptopolitan reported that Binance ended $NFT buying and selling on July 3, 2026. Nifty Gateway closed in April and Magic Eden scaled down its operations to give attention to Solana. OpenSea, Tensor, Rarible and SuperRare are nonetheless operating their $NFT companies.
