New kid on the NFT block, Blur, has quickly made a name for itself in the realm of cryptocurrency. After its launch in late 2022, and an aggressive incentive program, it usurped OpenSea to become the top NFT platform by trading volume. With the creation of Blend, its peer-to-peer lending and borrowing platform, Blur has gained even more ground. According to a report from market analysis firm Nansen, Blend has already facilitated close to 16,000 loans totaling 123,500 ETH, or $225 million, in less than a month since launch.
The success of Blur’s incentive program is identified by Nansen as a significant factor in Blend’s rapid popularity. NFT lenders and borrowers are attracted by liquidity incentives and bid and list points systems for Blur tokens. Blend distinguishes itself from other lending platforms by offering zero protocol fees for both borrowers and lenders for high-end collections, such as CryptoPunks and Bored Ape Yacht Club.
Nansen reports that 1,200 unique borrowers and 1,600 lenders have utilized Blend thus far. These numbers are expected to grow as the popularity of NFTs continues to surge. Binance recently announced plans to enter the NFT lending arena with a new feature allowing customers to borrow cryptocurrency using NFTs as collateral.
Overall, Blend’s impressive volume, speedy growth, and innovative incentives make it an exciting development in the world of NFTs and peer-to-peer lending. With Blur’s established position in the market and Blend’s unique offerings, it will be interesting to see how the platform develops and continues to serve the growing demand for NFT lending.
According to https://www.theblock.co/post/232357/blend-exceeds-225-million-in-less-than-a-month-nansen
The material in this article is written on the basis of another article.