- Blend is leading the market within weeks after its launch.
- Availability of popular NFT collections like BAYC, MAYC and Azuki is lifting the enthusiasm of collectors.
- Blur is considered to be a promoter of wash trading operations, according to some.
Earlier this month, Blur released Blend, an NFT perpetual lending protocol, as reported by Today NFT News. The move has made Blur stronger than thought other than hitting a new milestone.
According to Dune’s data, within only 17 days of its launch, Blend has eased a total volume of more than 100,000 ETH, which is almost $181 million.
Blend allows users to take Ethereum loans in exchange for putting their non-fungible tokens as collateral. The loan can then be used to buy new NFTs on Blur. By doing so, liquidity providers get interest, i.e. a process that has generated the “NFTfi” niche in crypto.
The project got more than 3,000 loans from 900 exclusive lenders. Adding BAYC and MAYC collections on May 15 ignited the passion a step ahead among NFT collectors.
These collections were added to the previously available collections- Wrapped Cryptopunks, Miladys, Azuki and DeGods.
On day one, both BAYC and MAYC accumulated a total volume of 2,267 ETH. BAYC became the third-most traded collection on Wednesday with a volume of 3,082 ETH.
Azuki is the leading collection in total volume that has gone beyond 50,000 ETH, which signifies almost half of the total volume ever since the service was made.
Blend doesn’t charge fees from both lenders and borrowers. However, Blur has hinted that token owners could vote to impose fees after a period of 180 days. Representing 59% of the overall NFT transaction volume till date, the marketplace has gained popularity quite early.
For some, Blur is the promoter of wash trading operations, specifically amid the token launch of the platform.
According to Hildhobby, an analyst, Blur accounted for 14,575 traders only as compared to 46,353 on Opensea.
During February’s end, CryptoSlam announced eliminating Blur trades worth $577 million from its data owing to market manipulation. Furthermore, the platform said that it will filter future Blur trades via an updated algorithm that will exclude doubtful sales.
There’s no denying that Blend’s access will drive success for Blur, which already seems to be establishing itself as a key player in the NFT space.