Blur, a prominent NFT marketplace, announced the debut of a new lending system to give NFT holders liquidity. The protocol will allow users to buy a percentage of the NFT they want and finance the rest. This gives users a new way to use their digital assets.
Blend is now the #1 NFT lending protocol by volume and users on Ethereum!
Since launch Blend has originated $16m in loan volume, 25x more loan volume than the previous top NFT lending protocol. https://t.co/GUUkpEysiG pic.twitter.com/SFjAYe0Zm4
— Blur (@blur_io) May 2, 2023
This move is considered a significant step toward building a more vibrant NFT economy since it will allow NFT holders to increase the worth of their assets without selling them. With the need for NFTs showing no signs of decreasing, Blur’s new lending protocol is set to revolutionize the sector.
Blur, a well-known NFT marketplace, offers users a unique way to purchase NFTs. This is quite similar to a mortgage on a physical house (for example a house or a car). This simply allows the user to buy a percentage of the product, in this case, the NFT.
This feature enables buyers to pay a fraction of the actual cost of the digital asset (buy now, pay later) and finance the rest. This groundbreaking feature provides a gateway for new people to invest in NFTs and unlock the value of their digital assets without having to sell them. Blur’s lending protocol is redefining the NFT world, by implementing new features and giving more accessibility to their users.
(The trending NFT collections on Blur.)
One of Blur’s new lending protocol’s important characteristics is that customers can fully own their NFTs at any time. Borrowers have the option to refund their borrowed funds at any moment. This allows them to them to fully own their newly obtained tokens.
Furthermore, once bought, NFT holders can profitably sell their digital assets and keep the earnings entirely for themselves. This implies that the financing scheme not only allows people to access NFTs they would not have been able to purchase before. It additionally enables them to profit from the value of their digital assets. In a few months, the website intends to add additional NFT collections.
