Blend’s rise to fame is a testament to Blur’s success in the NFT market
Blur, a trailblazer in the Non-Fungible Token market, recently reached another impressive milestone with the introduction of Blend, its groundbreaking lending platform. Dune’s data analysis reveals that Blend, a mere 17 days after its launch, has already facilitated over 100,000 ETH, or approximately $181 million in total volume.
Blend offers a unique fusion of opportunities for investors
Blend is ingeniously crafted to empower users to take out Ethereum loans using their NFTs as collateral. These loans can subsequently be used to purchase new NFTs from the Blur marketplace. In exchange, liquidity providers are rewarded with interest. This creative approach has spearheaded the emergence of the “NFTfi” niche within the crypto landscape.
A quick snapshot of Blend’s success shows more than 3,000 loans from 900 unique lenders. The recent addition of the Bored Apes Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) collections has further amplified the interest among NFT enthusiasts.
The collections behind the figures provide fascinating insights
Before the inclusion of BAYC and MAYC, Azuki, Wrapped Cryptopunks, DeGods, and Miladys were the only collections available on the platform. BAYC and MAYC hit the ground running, generating a total volume of 2,267 ETH on the first day. By Wednesday, BAYC had become the third most traded collection on the platform, recording a volume of 3,082 ETH, just behind Azuki’s 4,616 ETH and Wrapped Cryptopunks’ 2,260 ETH.
Nonetheless, Azuki has managed to hold its ground as the most traded collection, with a total volume exceeding 50,000 ETH, nearly half of the total volume since the inception of Blend.
Blur’s Remarkable Market Share in the NFT World Stands Alongside Blend’s Unconventional No-Fee Policy.
Currently, Blend stands out by not imposing fees on borrowers or lenders. Blur, however, has indicated that token holders may have the opportunity to vote on the introduction of fees after a 180-day period.
Blur has swiftly moved into the limelight of the NFT marketplace since its launch just a fall ago, accounting for nearly 59% of the total NFT transaction volume, a testament to its popularity. Despite accusations of wash trading operations surrounding its token launch, Blur has maintained its momentum. Analyst Hildhobby points out that Blur only accounted for 14,575 traders, compared to Opensea’s 46,353.
In the waning days of February, CryptoSlam, a platform tracking NFT sales, announced the removal of $577 million worth of Blur trades from its data due to allegations of “market manipulation”. The platform also announced plans to scrutinize future Blur trades using an updated algorithm designed to filter out suspicious sales.