Newly minted non-fungible token marketplace giant Blur launched its peer-to-peer lending and lending platform earlier this month, and the venture, dubbed Blend, has already facilitated nearly 16,000 loans for a total of 123,500 ETH, or $225 million , according to a report by Nansen.
After launching Blur last October and then rolling out an aggressive incentive program that attracted many traders to its platform, the marketplace quickly overtook OpenSea to become the top platform in terms of trading volume. Nansen estimates that its success has contributed to Blend’s popularity with NFT lenders and borrowers.
“Blend’s rapid growth is no surprise as Blur is arguably the go-to NFT platform for crypto natives and NFT swordsmen,” Nansen said in the report. [token] airdrops to boost liquidity has also contributed significantly to the rapid success of the market.”
Nansen said it had identified loans and borrowings on behalf of “1,200 unique borrowers and 1,600 lenders.”
Dune analytics dashboard created by The Block Research Analyst Brad Kay.
Blend offers lending options for high-end NFT collections such as CryptoPunks and Bored Ape Yacht Club. One feature that helps Blend to stand out from other peer-to-peer lenders is its offering of “zero protocol fees for both borrowers and lenders,” Nansen said.
According to The Block Research analyst Brad Kay, who is a Dune analytics dashboard which follows Blend loans.
This week, Binance announced plans to get into the NFT lending space when it introduced a new feature that allows customers to borrow cryptocurrency using non-fungible tokens as collateral.
Updates with commentary and graph from The Block Research in sixth paragraph.
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