Crypto Blog
The lending market for non-fungible tokens has witnessed an unprecedented surge, hitting a quarterly high of $2.13 billion in Q1, marking a significant 43.6% quarter-over-quarter growth.In January, the NFT lending market hit a record $0.9 billion monthly volume, exceeding the previous peak of $0.85 billion in June 2023. Blend emerged as the top NFT lending platform, with a 92.9% market share and a monthly lending volume of $562.33 million in March 2024.
Arcade recorded a new quarterly high of $39.46 million in Q1 2024, marking a 37.1% increase quarter-on-quarter, while NFTfi saw a 48.3% rise in lending volume to reach $35.88 million.To drive more user interaction, NFT lending platforms are introducing fresh incentives to stimulate trading activities. In a recent move, Arcade, backed by Pantera Capital,The initiative aims to distribute ARCD tokens to 4,000 wallets, each entitled to claim 750 ARCD tokens.
Blend, established in May 2023, operates on a peer-to-peer lending model. It enables borrowers to use their NFTs as collateral while seeking lenders offering competitive interest rates.
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