Blur NFT Marketplace Launches Its Peer-to-Peer NFT Lending Platform ‘Blend’

Updated: 01 May 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

Join Our Telegram channel to stay up to date on breaking news coverage

Blur, one of the leading non-fungible token market platforms, has launched a new peer-to-peer lending platform Blend. The newly launched NFT protocol will let users borrow NFT collections and repay with smaller down payments. The new protocol is a game changer in the NFT market.

Blur NFT Marketplace Launches NFT Lending Platform

In a May 1 blog post, Blur, the popular non-fungible token market platform, and OpenSea market rival, confirmed launching its new NFT lending protocol. Blend will connect lenders and borrowers and enables them to specify the terms, such as the interest rate and acceptable collateral.

1/ Introducing Blend: the Peer-to-Peer Perpetual Lending Protocol for NFTs.

Built in collaboration with @danrobinson and @transmissions11 at @paradigm, Blend enables 10x higher yield opportunities than current DeFi protocols and unlocks greater liquidity for NFTs.

Here’s how ? pic.twitter.com/uOFC6i3LSq

— Blur (@blur_io) May 1, 2023

Launched in 2022, Blur is an Ethereum-based NFT marketplace offering professional traders batch shelf and floor-sweeping transactions. Blur NFT marketplace also lets its users browse and purchase NFTs from other marketplaces with instant liquidity.

Blur NFT marketplace has introduced a new peer-to-peer called Blend, a short form for Blur Lending. Blur aims to let traders maximize NFT liquidity by allowing buyers to set collateral for their token purchases.

Blur Lending Platform Overview

The new lending platform will enable buyers, previously priced out of the most expensive collections, like Bored Ape Yacht Club and CryptoPunk NFTs, to enter the NFT ecosystem. The loans offered through the new lending platform are perpetual, have a fixed rate, and enable the borrower to pay the debt at any point.

Blend will attract zero fees for both borrowers and lenders. Like the Blur marketplace, $BLUR holders will control the new Blend fees and can turn them on after 180 days. Blur NFT market platform will issue more grants in the coming weeks.

In the meantime, the Blur NFT market is bullish about NFTs. The NFT market platform believes its new lending protocol will unlock NFT liquidities and push NFT digital assets to explode back to another bull run. Blur hopes the establishment of firm primitives will jump-start the next stage of growth for the NFT market.