Blend which stands for Blur Lending is a new peer-to-peer lending option enabling collectors to buy blue-chip NFTs on the Blur NFT marketplace with a smaller upfront payment
The customers would be now able to buy even previously unaffordable popular NFTs with a smaller upfront payment, serving as collateral. For example, one token out of expensive collections like Bored Ape Yacht Club or CryptoPunk NFTs would cost at least 56 ETH (about $102,500). That sum is too much for many people, but now they can still enter the market with a percentage of the full NFT price. Blend loans will enable NFT collectors to finance the remaining balance over time.
The principle is similar to property purchase when the buyer first puts a down payment and then pays a mortgage on comfortable terms. This way, the Blend platform intends to allow traders to maximize NFT liquidity.
The lending product was created in collaboration with Dan Robinson, head of research at VC firm Paradigm which is the lead investor in Blur.
Launched in October 2022, Blur is an Ethereum-based NFT marketplace, with numerous features designed for advanced “pro” or “whale” NFT traders. These are faster NFT snipe and sweep, real-time price feeds and price-based sorting, portfolio management, batch shelf and zero trading fees on NFT sales. In addition, the marketplace aggregates non-fungible tokens from other popular marketplaces like OpenSea, LooksRare and X2Y2.
Within less than five first months of its existence, Blur managed to surpass OpenSea in several key metrics, including daily trade volume and weekly volume.