NFT Lending Platform Blend transaction volume exceeded 100,000 Ethereum

19.05.2023

The Blur NFT market is growing by leaps and bounds.

With the launch of Blend, Blur’s new credit platform, it has reached another milestone.

According to Dune, Blend has served more than 100,000 ETH in total in just 17 days since its launch, which is roughly $181 million.

Blend allows users to borrow in Ethereum by providing their NFT as collateral. They can then use that credit to buy new NFTs in the Blur marketplace. In return, liquidity providers receive interest, a mechanism that has spawned the “NFTfi” niche in cryptocurrency.

While more than 3,000 credits have been issued from 900 unique lenders, the addition of the Bored Apes Yacht Club (BAYC) and Mutant Ape Yacht Clube (MAYC) collections on Monday further fueled enthusiasm among NFT collectors.

These collections were added to the four previously available collections, Azuki, Wrapped Cryptopunks, DeGods and Miladys.

On the first day, BAYC and MAYC totaled 2,267 ETH. On Wednesday, BAYC became the third largest collection on the platform with a volume of 3,082 ETH, just behind Azuki (4,616 ETH) and Wrapped Cryptopunks (2,260 ETH).

Azuki remains the leading collection in terms of total volume, exceeding 50,000 ETH, which is almost half of the total volume since the service’s inception.

Blend does not currently charge any fees to either borrowers or lenders. However, Blur has said that token holders can vote to introduce fees after a 180-day period.