Blend’s Peer-to-Peer Lending Platform Sees Rapid Success in NFT Market

Blend which is a peer-to-peer lending and borrowing platform developed by NFT market giant Blur has achieved remarkable success since its launch . According to a report by Nansen Blend facilitated nearly 16,000 loans which amount to 123,500 ETH or $225 million . Thanks to an aggressive incentive program and its reputation as a go-to platform for crypto natives and NFT enthusiasts Blend has quickly become a leading platform by trading volume by surpassing OpenSea .

Kornelija KazlauskasMay 30, 2023

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Blend's Peer-to-Peer Lending Platform Sees Rapid Success in NFT Market

Blend which is a peer-to-peer lending and borrowing platform developed by NFT market giant Blur has achieved remarkable success since its launch . According to a report by Nansen Blend facilitated nearly 16,000 loans which amount to 123,500 ETH or $225 million . Thanks to an aggressive incentive program and its reputation as a go-to platform for crypto natives and NFT enthusiasts Blend has quickly become a leading platform by trading volume by surpassing OpenSea .

Unique Features and Dominant Market Share Propel Blend’s Success

One key factor contributing to Blend’s popularity among NFT lenders and borrowers is its offering of lending options for high-end NFT collections like CryptoPunks and Bored Ape Yacht Club . Additionally Blend distinguishes itself by providing “zero protocol fees for borrowers and lenders” which makes it an attractive choice in the market . With an 82% share in the NFT lending market Blur has recorded a total lending volume of $308 million (169,900 ETH) in just 22 days according to Nansen and DappRadar .

Azuki Collection Shines on Blend Platform, Binance Enters NFT Lending Space

The Azuki collection has emerged as a highly popular choice on the Blend platform and it generates a loan volume exceeding 70,000 ETH (approximately $127 million) . As Blend continues to thrive major players in the cryptocurrency industry are taking notice . Binance recently announced its plans to enter the NFT lending business with the introduction of “Binance NFT Loan” allowing customers to borrow cryptocurrencies using NFTs as collateral .

Blend’s rapid success in the NFT lending market reflects the growing interest in leveraging NFT assets for borrowing and lending activities . As the market evolves platforms like Blend play a pivotal role in providing innovative solutions and fostering liquidity within the NFT ecosystem .