NFT Marketplace Blur Launches a Lending Protocol for NFTs
In Brief
NFT marketplace Blur has launched “Blend,” a peer-to-peer lending protocol for non-fungible tokens.
The platform allows users to borrow ETH against NFTs and offers a “buy now, pay later” function.
NFT marketplace Blur has announced the launch of its lending program. The new peer-to-peer lending protocol for non-fungible tokens is dubbed “Blend.”
In a way, a part of the lending program functions similarly to a mortgage on a physical asset. The feature allows users to buy a percentage of a chosen non-fungible token in case they do not have the complete requested amount. Individuals can finance the rest following. This “buy now, pay later” function allows users to buy NFTs by paying only a fraction of the cost upfront.
It’s worth noting that customers can repay their borrow at any time and take full ownership of their new tokens. Holders can also list the purchased NFT and keep the profit when they sell it.
At the same time, owners of non-fungible tokens wishing to get liquidity can borrow ETH against their NFTs. Thanks to Blend, users do not need to sell their NFTs in this case.
Before launching Blend, Blur offered “bidding” and “listing” points. With the new tool, the platform adds “lending” points. Notably, these rewards can be changed per collection, meaning that some collections receive more points than others. It is important to note that Blur replaced listing points with lending points on some projects.
At the time of writing, the marketplace features three blue-chip collections of three different price points: Azuki, CryptoPunks, and Miladys. So, Blend users can already borrow up to 42 ETH against a CryptoPunk NFT or purchase an Azuki token by lending 2 ETH on Blur.
The platform plans to add more NFT collections in the nearest future. Community members can participate in the selection by commenting on the tweet and naming their favorite NFT projects that should be added to the marketplace.
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About The Author
Valeria is a reporter for Metaverse Post. She focuses on fundraises, AI, metaverse, digital fashion, NFTs, and everything web3-related. Valeria has a Master’s degree in Public Communications and is getting her second Major in International Business Management. She dedicates her free time to photography and fashion styling. At the age of 13, Valeria created her first fashion-focused blog, which developed her passion for journalism and style. She is based in northern Italy and often works remotely from different European cities. You can contact her at [email protected]
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Valeria is a reporter for Metaverse Post. She focuses on fundraises, AI, metaverse, digital fashion, NFTs, and everything web3-related. Valeria has a Master’s degree in Public Communications and is getting her second Major in International Business Management. She dedicates her free time to photography and fashion styling. At the age of 13, Valeria created her first fashion-focused blog, which developed her passion for journalism and style. She is based in northern Italy and often works remotely from different European cities. You can contact her at [email protected]
