Earlier this year, the new marketplace Blur made waves in the NFT sector. Recent numbers suggest its lending platform could create a similar buzz. However, there are real and serious risks when borrowing against an NFT.

Blur’s lending platform, Blend, has quickly gained popularity since its launch just ten days ago. According to data from Dune dashboard, users have already borrowed a staggering 51,656 ETH—equivalent to $95 million—against their digital collectibles. Impressively, over 3,000 individual loans have been opened on the platform thus far.

Blend Supports Four Collections

Blend currently supports loans backed by four NFT collections: Miladys, Azukis, DeGods, and wrapped versions of CryptoPunks. 

Blur generated a buzz earlier in the year with its impact on the NFT market. Soon after launch, it surpassed OpenSea, the king of NFT marketplaces, with 53% market share. Blur’s native token airdrop in Q1 2023 drove significant traction to the NFT marketplace and aggregator, resulting in a surge in Ethereum‘s NFT trading volumes.

Blend, also known as Blur Lending, looks like it might do even better. Since its launch, Blur’s lending platform has swiftly surpassed competitors like NFTfi, Arcade, and BendDAO, driving the NFT loan volume to an impressive $67 million in just one week.

Blend’s loans alone make up a remarkable 75% of the total volume. Currently, the total number of accepted and refinanced loans is 3,045, with 922 unique lenders, according to Dune.

Blend is the latest player to join the market. But using NFTs as collateral

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Author: Josh Adams

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