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…
