Blur launches P2P NFT lending protocol

Leading non-fungible token (NFT) marketplace Blur has built a peer-to-peer perpetual lending protocol Blend — Blur Lending — successful collaboration with Paradigm’s Dan Robinson and Transmissions 11.

According to the NFT marketplace, transactions connected the caller protocol would beryllium escaped wrong the archetypal 180 days. However, the fees tin beryllium turned connected aft this play by BLUR token holders via the decentralized autonomous organization’s (DAO) governance.

Blend to unlock NFTs liquidity

According to its whitepaper, Blend would assistance unlock liquidity for NFTs by providing loans with fixed rates that never expire.

“Borrowers tin repay astatine immoderate time, portion lenders tin exit their positions by triggering a Dutch auction to find a caller lender astatine a caller rate.”

The whitepaper highlighted however the caller protocol differs from competitors similar BendDAO and NFTfi, with its peer-to-peer exemplary providing entree to liquidity by matching lenders with borrowers.

The protocol has different features similar allowing lenders to liquidate their NFTs anytime, nary expiration for borrows arsenic agelong arsenic the lender is consenting to lend, avoiding any Oracle dependencies, etc.

Blur said these features would marque NFT lending “intuitive for borrowers and harmless and flexible for lenders.”

According to Dune analytics data, the cumulative measurement for NFT lending exceeded $1 cardinal successful April. The abstraction is dominated by Paraspace, which controls astir 48% of the play NFT Finance marketplace share.

Blur token tanks 10%

Following the news, the NFT marketplace autochthonal token fell 5.47% connected the 1-hour candle to commercialized astatine $0.64353 arsenic of property time, according to CryptoSlate’s data. The plus is down 10.47% successful the past 24 hours.

Source: Tradingview

This is successful stark opposition to its show connected the 7 days metrics, wherever it is up by astir 9%, portion it has risen by 13% successful the past 30 days.

Meanwhile, Blur has usurped OpenSea arsenic the ascendant NFT marketplace successful the past fewer months. The marketplace accounts for implicit 50% of the trading measurement successful the industry, according to Dune analytics data.

The station Blur launches P2P NFT lending protocol appeared archetypal connected CryptoSlate.