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NFTfi hits all-time highs for volume, number of loans and borrowers

source-logo  coinedition.com 04 February 2023 09:44, UTC

Despite the ongoing bear market, NFT lending platform NFTfi has hit all-time highs in January for volume (ETH), number of loans, and numbers of borrowers and lenders.

General Partner of crypto investment firm 1confirmation, Richard Chen posted via Twitter data panels showing record numbers for the NFT lending protocol. Monthly loan volume was 17,936 ETH, while total loans added up to 4,399 with 907 borrowers and lenders.

In addition, crypto reporter Colin Wu shared his opinion on the reasons behind these record numbers for NFTfi. He believes these all-time highs are due to the general recovery of the crypto and NFT market, which consequently made blue-chip NFT prices rally and stimulate demand for NFT loans.

NFTfi alone accounts for 30%-40% of the market share. When coupled with BenDAO, they have roughly 70% of the total market.

​​In January 2023, NFT sales matched the performance of crypto assets, reaching a total of $997.53 million, which was a 41.96% surge from the previous month of December 2022. According to data from cryptoslam, Ethereum dominated NFT sales among the 20 blockchain networks, with $784.87 million or 78.681% of the total for the month.

Solana came in second place with $150.4 million in NFT sales, accounting for 15.07% of the total. Other top-performing blockchain networks in terms of NFT sales include Cardano, Immutable X, and Polygon.