Lending NFT: Blend already dominates the market, according to DappRadar

In less than a month, the lending NFT Blend from Blur recorded a loan volume greater than 169,000 ETHequivalent to more than 300 million dollars.

According to a report published Thursday by DappRadar, Blur’s new platform is now the most lending NFT’s great DeFi protocol in terms of loan volume.

Unveiled in early May in partnership with crypto VC Paradigm, Blend is a perpetual lending protocol at P2P especially for non-fungible tokens. The solution’s “innovative” features seem to attract large token holders, according to DappRadar.

Blur has an 82% dominance of the NFT lending market and is responsible for $308 million (169,900 ETH) in lending volume over the last 22 days. Blur’s business has shifted from trading to lending, which currently accounts for 46.2% of its recent operations,” wrote the blockchain analytics startup.

The market for lending NFT was previously dominated by NFTfi and BenDAODeFi protocols with loan volumes well below those of Blend.

Blend has established a solid footing in the NFT lending space in a remarkably short period of time, setting an unprecedented standard for its competition,” the report adds.

The popularity of Blur undoubtedly helped propel Blend. The NFT marketplace opened in autumn 2022 and has since dethroned pioneer and leader OpenSea in terms of sales volume, part of which nevertheless comes from wash trading.

On BlendAzuki is the most popular collection, with a total loan volume of over 70,000 ETH ($127 million).

“Last week, MAYC accumulated 11,583 ETH in loan volume on 1,676 loans, while BAYC managed to amass 18,067 ETH thanks to just 513 loans. Importantly, we identified $208,933 in wash trading associated with the BAYC collection, from 4 separate portfolios,” says DappRadar.

Earlier this month, a new lending NFT developed by French company Kairos, announced a $1 million financing round.

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