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The Growing Popularity of NFT Lending: A Breakdown of the Top Platforms

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On February 21, according to data from Dune Analytics, the mainstream NFT lending platform issued about US $22 million in loans in the past week. Of the total …

The Growing Popularity of NFT Lending: A Breakdown of the Top Platforms

On February 21, according to data from Dune Analytics, the mainstream NFT lending platform issued about US $22 million in loans in the past week. Of the total loans, 41% came from BendDAO (US $9.12 million), followed by NFTfi (US $5.21 million), accounting for about 24%, X2Y2 accounting for about 21% (US $4.56 million), and Ardace accounting for about 15% (US $3.19 million).

The mainstream NFT lending platform issued US $22 million loans last week, of which 41% came from BendDAO

Interpretation of the news:


Recent data from Dune Analytics showed that the mainstream Non-Fungible Token (NFT) lending platform has issued US $22 million in loans in the past week. This marks a significant increase in the popularity of NFT lending, as more and more people are looking for ways to use their NFTs as collateral for loans.

Out of the total loans issued, 41% came from BendDAO, making it the top NFT lending platform with US $9.12 million in loans. NFTfi was the second-largest platform with US $5.21 million, accounting for about 24% of total loans issued. X2Y2 came in third, accounting for about 21% of total loans with US $4.56 million. Finally, Ardace accounted for about 15% of total loans with US $3.19 million in loans issued.

This data shows a clear shift in the crypto industry towards using NFTs as collateral for loans. This is a trend that is expected to grow in the coming months as more people become aware of the benefits of using NFTs as collateral.

One of the main advantages of using NFTs as collateral is that it eliminates the need for traditional credit checks. Since the value of NFTs is determined by the market, lenders can simply look at the value of an NFT to determine the amount of the loan. This makes it easier for borrowers to access loans, particularly those who have been denied credit in the past.

Another advantage of using NFTs as collateral is that it allows borrowers to maintain ownership of their assets while still accessing the cash they need. Unlike traditional loans where assets are sold to repay the loan, borrowers can simply repay the loan amount with interest and keep their NFTs.

In conclusion, the recent surge in NFT lending is a clear indication that the use of NFTs as collateral is becoming more mainstream. With platforms like BendDAO, NFTfi, X2Y2, and Ardace leading the charge, we can expect to see even more NFT lending platforms emerge in the future.

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