Blur’s NFT Lending Protocol Hits Total Loan Volume of 6,406 ETH in a Day

NFT

Blend, a lending protocol launched on Monday by the non-fungible token (NFT) platform Blur, saw a total loan volume of 6,406 ETH in 24 hours, on-chain data shows. Azuki is the NFT collection with the highest total volume on Blend, followed by Cryptopunks and Milady.

Azuki Accounts for the Highest Loan Amount on Blend

New NFT lending protocol Blend registered a total loan volume of 6,406 ETH on May 2, according to on-chain data. Meanwhile, the total loans accepted on Blend hit 679 a day after its launch.

Generative avatar NFT collection Azuki currently has the highest total loan amount of 2,831 ETH, with an annual percentage rate (APR) of 146%. Wrapped Cryptopunks stands in second place, with a total loan amount and APR of 1,832 ETH and 25%, respectively. Milady, a collection of 10,000 generative PFP NFTs, loaned 1,045 ETH, with an average APR of 94.1%.

matchbigbrother.eth is the largest lender of Blend, completing 33 loans in total. The lender’s total loan amount currently stands at 610.4 ETH, with an APR of 3%.

Currently, the total number of lenders on Blend is 208, while the total number of borrowers using the platform is 283.

Blend: Mortgages for NFTs?

The above figures provided by Dune represent loan data on Blend just a day after Blur launched the lending protocol. According to Blur, the protocol aims to enable investors to foray into the NFT market by making smaller down payments when looking to buy expensive blue-chip assets.

Loans offered by Blend are perpetual, Blur stated, offering a fixed rate and an option for the borrower to settle the debt at any time. In the announcement, Blur compared its new lending protocol to buying a house via a down payment and paying off the rest of the debt through mortgage payments.

“Instead of paying $1m for a house, buyers put $100k down and pay the rest through their mortgage. Without this mechanism, almost no one would be able to afford homes.”

– Blur wrote in the Twitter announcement of Blend.

The rollout of Blend comes just a few months after Blur launched its long-awaited native token, BLUR. The namesake token was initially set for launch in January 2023 but was delayed due to additional tests.