In short: Blur has emerged as the main player in the NFT lending market according to a recent study by Dappradar. In May, the platform recorded $308m in NFT loan volumes, comprising 82% of the market share. The report notes that Blur's dominance has led to a decline in trading volumes on the platform. Ethereum-based NFT sales have dropped by 26%, though Bitcoin-based NFTs saw increased sales, reaching $175m in the past month.
Our quick analysis:
It's no secret that the NFT market has seen a significant surge in interest and attention lately. And with it, the lending market for non-fungible tokens has been on the rise as well. In fact, a recent study by dappradar.com reveals that in May, the loan volumes for NFTs reached a whopping $375 million.
But what's even more interesting is that one platform has emerged as the dominant player in the NFT lending arena: Blur. According to the study, Blur captured 82% of the entire value settled in the NFT lending sector. That's a pretty impressive feat for a platform that only recently entered the market.
Since announcing its lending initiatives on May 1, Blur has logged $308 million in NFT loan volume. And according to the report, 46.2% of all transactions on the NFT marketplace now involve loan activities.
So what does this mean for Blur's overall trading volume? Well, the study notes that it has actually diminished in the past week. But that's likely because Blur is now primarily being used for loans rather than trading. In fact, 46.20% of its activity in the last seven days originated from NFT loans, transacted by an average of 306 unique daily users.
Of course, there are fluctuations in trade volume that can be attributed to Ethereum's overall decrease in NFT sales over the last 30 days. But it's interesting to note that Bitcoin-based NFTs have taken center stage, securing roughly $175,084,024 in NFT sales over the previous month.
What do you think about Blur's dominance in the NFT lending market? Are you surprised by the numbers? Share your thoughts in the comments section below.
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
Our quick analysis:
It's no secret that the NFT market has seen a significant surge in interest and attention lately. And with it, the lending market for non-fungible tokens has been on the rise as well. In fact, a recent study by dappradar.com reveals that in May, the loan volumes for NFTs reached a whopping $375 million.
But what's even more interesting is that one platform has emerged as the dominant player in the NFT lending arena: Blur. According to the study, Blur captured 82% of the entire value settled in the NFT lending sector. That's a pretty impressive feat for a platform that only recently entered the market.
Since announcing its lending initiatives on May 1, Blur has logged $308 million in NFT loan volume. And according to the report, 46.2% of all transactions on the NFT marketplace now involve loan activities.
So what does this mean for Blur's overall trading volume? Well, the study notes that it has actually diminished in the past week. But that's likely because Blur is now primarily being used for loans rather than trading. In fact, 46.20% of its activity in the last seven days originated from NFT loans, transacted by an average of 306 unique daily users.
Of course, there are fluctuations in trade volume that can be attributed to Ethereum's overall decrease in NFT sales over the last 30 days. But it's interesting to note that Bitcoin-based NFTs have taken center stage, securing roughly $175,084,024 in NFT sales over the previous month.
What do you think about Blur's dominance in the NFT lending market? Are you surprised by the numbers? Share your thoughts in the comments section below.
Image provided by Unsplash
Disclaimer: Our articles are NOT financial advice, and we are not financial advisors. Your investments are your own responsibility. Please do your own research and seek advice from a licensed financial advisor beforehand if needed.
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