Recent on-chain data reveals that Blur, the peer-to-peer, zero-fee non-fungible token (NFT) marketplace and aggregator, is now more popular for facilitating loans than trading.
A report compiled by DappRadar showed that Blur’s NFT loan volumes rose from 4,200 ETH (or roughly $7.6 million) to 169,900 ETH (or $308 million) in less than a month. All loans were processed through the Blur Lending protocol called Blend that was launched on May 1, 2023.
Further data reveals that NFT trading volumes have been shrinking as activity shifts to lending since early May. Trackers show that more NFT holders are creating accounts and taking loans backed with their assets.
From May 1, Blur’s NFT loan trading volumes rose over 39X in 22 days, pushing the protocol’s dominance in the NFT Loaning sector even higher.
DappRadar shows that over 80% of all NFT-backed loans are now facilitated through Blend.
