Business News Report
May 03, 2023

NFT Marketplace Blur Launches a Lending Protocol for NFTs

NFT Marketplace Blur Launches a Lending Protocol for NFTs

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. 

Read related posts:

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

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]

More articles
Valeria Goncharenko
Valeria Goncharenko

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]

Hot Stories
Join Our Newsletter.
Latest News

Supply and Demand Zones

Cryptocurrency, like any other currency, is a financial instrument based on the fundamental economic principles of supply ...

Know More

Top 10 Crypto Wallets in 2024

With the current fast-growing crypto market, the significance of reliable and secure wallet solutions cannot be emphasized ...

Know More
Join Our Innovative Tech Community
Read More
Read more
Parcl Unveils Tokenomics Ahead of PRCL Launch, Allocates 75M Tokens to Point Holders
News Report Technology
Parcl Unveils Tokenomics Ahead of PRCL Launch, Allocates 75M Tokens to Point Holders
March 28, 2024
Circle to Introduce Native USDC On zkSync Network for Enhanced Liquidity
News Report Technology
Circle to Introduce Native USDC On zkSync Network for Enhanced Liquidity
March 28, 2024
GoPlus Report Unveils How Utilization of API Security Data by Blockchain May Communities May Aid in Addressing Web3 Threats
News Report Technology
GoPlus Report Unveils How Utilization of API Security Data by Blockchain May Communities May Aid in Addressing Web3 Threats
March 28, 2024
Binance Completes Stratis Token Swap and Redenomination, Initiates STRAX Trading and Borrowing Services
News Report Technology
Binance Completes Stratis Token Swap and Redenomination, Initiates STRAX Trading and Borrowing Services
March 28, 2024
What You
Need to Know

Subscribe To Our Newsletter.
Daily search marketing tidbits for savvy pros.