Blur, the non-fungible token (NFT) marketplace, has facilitated more than $16 million in loans through its newly launched Blend protocol, according to data sourced from user @beetle from Dune Dashboard. Blend, which allows users to pledge their NFTs for loans, was launched on May 1 by Blur in partnership with venture capital firm Paradigm. The largest collateral has been the Azuki, Wrapped CryptoPunks and Milady NFT collections, with more than 8,000 Ether worth of market value pledged.
Taiwanese celebrity Jeff Huang, known as Machi Big Brother, has issued 58 loans worth 1,180 ETH on Blur, making him the platform’s top lender. There are currently 846 active loans on the platform, with no borrowing or lending fees charged by the protocol. Last year, some NFT lending protocols struggled to pay back lenders as a result of illiquid collectibles during a crypto bear market.