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

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.