Based on data provided by user @?beetle on Dune Dashboard, the nonfungible token (NFT) marketplace Blur has enabled 8,820 Ether, or about $16.37 million, in loans using the permanent NFT lending technology Blend. On May 1st, Blur and venture capital firm Paradigm released Blend, a groundbreaking mechanism for pledging NFTs for loans.
The Azuki, Wrapped CryptoPunks, and Milady NFT collections are the most valuable guarantees, at a total of over 8,000 Ether ($1,872). Blur’s top lender is Taiwanese celebrity Jeff Huang, aka Machi Big Brother. He has loaned a total of 1,180 ETH over the course of 58 loans.
Machi Big Brother, a major figure in Taiwan’s music industry, is an avid collector of the Bored Ape Yacht Club NFT line. One of the primary beneficiaries of the Blur token airdrop in February, Machi dumped 1,010 NFTs in 48 hours on February 25 in the “largest NFT dump ever.”
As of this writing, the website included 846 active loans and 8 refinancing events. Blend is a protocol for perpetual lending, meaning that loans are automatically renewed at the end of their terms unless one of the parties disagrees. In addition, if interest rates go up, borrowers have the option of refinancing their loans or selling them at auction. According to Blend’s creators, there are no fees associated with borrowing or lending, only interest.
Many rare collectibles were rendered illiquid and had no bids at all last year due to the crypto bear market, which caused chaos in NFT lending procedures. For instance, despite facilitating over 15,000 ETH in loans, BendDAO had as low as $23,715 to repay investors.
Content Source: cointelegraph.com
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