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- Prestigious NFT collections can be borrowed from Blend, including CryptoPunks.
- Blend imposes no protocol fees for either borrowers or lenders.
A report from Nansen reveals that Blend, a peer-to-peer lending and borrowing platform launched this month by the newly established non-fungible token marketplace giant Blur, has already facilitated around 16,000 loans amounting to 123,500 ETH, equivalent to $225 million.
Upon its debut in October of the previous year, the marketplace Blur quickly surpassed OpenSea in trading volume. It then rolled out an aggressive incentive program that attracted numerous traders to its platform. Nansen highlights that Blend’s achievements significantly contribute to its popularity among NFT lenders and borrowers.
Capturing Market Share
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With Blend being “arguably the preferred NFT platform for crypto-enthusiasts and NFT aficionados,” Nansen’s forecast of its rapid growth is hardly surprising. Incentives such as their bidding and listing points system for blur (token) airdrops have played a crucial role in the marketplace’s remarkable surge in prominence.
Nansen mentioned tracking lending and borrowing activities for “1,200 unique borrowers and 1,600 lenders.” Prestigious NFT collections, including CryptoPunks and Bored Ape Yacht Club, can be borrowed from Blend.
The fact that Blend offers “zero protocol fees for both borrowers and lenders,” as noted by Nansen, distinguishes it from other peer-to-peer lending platforms. Analyst Brad Kay, who monitors Blend lending with his Dune analytics dashboard, reported that the new NFT lender has captured 85% of the market this month.
This week, Binance unveiled a new feature that allows clients to borrow cryptocurrency using non-fungible tokens as collateral, indicating the exchange’s ambition to enter the NFT lending arena.
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