Unafraid, Blur captures 80% market share in the NFT lending market; Binance announces the launch of Binance NFT Loan.

The latest report from the Dapp analysis platform DappRadar indicates that the Blur lending protocol "Blend" has captured a market share of 82%, with the platform's total loans surpassing 316,990 ETH, or $300 million, in just 22 days. Despite this dominant position, Binance has announced the launch of its own NFT lending market "Binance NFT Loan."

About the Blur lending market: Blur introduces NFT sustainable lending protocol Blend! A comprehensive guide on how to use it and its unique liquidation mechanism

Blend also incorporates an airdrop scoring mechanism: The return of the big brother! Blend becomes the first NFT lending platform, with Huang Licheng as the top lender

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Blur Loan Protocol Blend Dominates with Over 80% Market Share

DappRadar summarized key data as of May 22:

• NFT loan volume in May reached $375 million, slightly below the NFT trading volume of $466 million.

• Blend's market share for loans is at 82%, with a total loan volume of $308 million over the past 22 days.

• Blend's lending is approaching its trading business, accounting for 46.2% of Blur's total business.

• Azuki holds $127 million and 70,031 ETH in loan activity, making it the preferred NFT project for lending.

The report highlights Blend's remarkable performance, contrasting it with BendDAO, another NFT lending market that took over a year to accumulate a total loan volume of $315 million.

Of course, this is closely related to Blur's airdrop incentive.

Top Blue-Chip NFTs Used Most for Collateralized Loans on Blend

As of May 22, the NFT projects used most for collateral on Blend are:

• Azuki: Loan volume of 70,031 ETH with a total of 6,455 loans.

• CryptoPunks: Loan volume of 34,960 ETH with 953 loans.

• Milady Maker: Loan volume of 22,510 ETH with 7,621 loans.

Note: Bored Ape Yacht Club project was only added to Blend on May 15.

Binance Also Launches NFT Lending Market Binance NFT Loan

Binance's "Binance NFT Loan" initially supported four Ethereum NFT projects, and the Binance announcement emphasized special interest rates during the event. See below:

• Bored Ape Yacht Club BAYC

• Mutant Ape Yacht Club MAYC

• Doodles

• Azuki

Binance's business spans various sectors within the crypto industry, and NFT lending is not the first product introduced by Binance outside of token exchanges.

In the past, Binance launched Binance Mining Pool before the halving in 2020, and data shows that Binance's Bitcoin hash rate share over the past year is 11.1%, not bad as seen below.

However, there is concern that Binance's NFT trading platform has not been a part of mainstream discussions, casting doubt on whether NFT lending can bring a turning point to Binance's NFT market landscape.