• Blur, a NFT marketplace, recently launched Blend, a new NFT lending protocol.
• The platform has been met with mixed reviews from the NFT community.
• OpenSea and other competitors have experienced their own respective challenges during this tumultuous market.
Blur Launches New NFT Lending Protocol
Blur, a popular and quickly growing player in the non-fungible token (NFT) space, recently launched Blend – a new NFT lending protocol that allows owners of big-dollar NFTs to utilize them as collateral. This is an exciting development for the NFT space as it opens up opportunities for users to access DeFi products and services that are not available elsewhere.
Mixed Reviews From the Community
Since its launch in November 2022, Blend has gained significant market share but has also been met with mixed reviews from within the community. Some critics have expressed concerns over liquidity issues and others have pointed out potential security risks associated with such transactions. It will be interesting to see how these criticisms play out in practice once more people start using the platform regularly.
Increased Product Pressure on OpenSea
As part of its effort to gain market share, Blur decided to offer aggressive 0% trading fees which prompted OpenSea – another major player in the space – to do the same shortly afterwards. Other competitors such as MagicEden and Rarible have also faced their own respective challenges amidst this tumultuous market over the past 6 months or so.
No Fees For Borrowers or Lenders
What makes Blur’s Blend different from other small-scale platforms is that there are no expiries attached, nor any fees collected from borrowers or lenders whatsoever – something that will no doubt come as a pleasant surprise many users of the service!
While not providing anything entirely new to the table, Blur’s newest kid on block is certainly an exciting addition to an otherwise turbulent market at present; only time will tell whether it can make any meaningful impact amongst an already crowded field of competitors!