According to a recent industry report, Arcade and NFTfi are the top NFT lending platforms for 2024. Since the previous year, both Arcade and NFTfi have successfully captured more than 1% of the monthly market share. According to the study, Arcade’s non-fungible token lending volume increased by $39.46 million in the first quarter of 2024.
Arcade and NFTfi’s token launches will have a significant impact on the Non-Fungible Token loan volumes on their respective platforms. Other top NFT systems include X2Y2, BendDAO, and Parallel Finance. The largest NFT lending platforms had higher volumes in 2024, surpassing the NFT lending volume in 2023.
It should be noted that the Ethereum NFT collection controls NFT loan originations due to the unique chemistry of Blend and Blur. The impact of well-known Bitcoin on the Non-Fungible Token marketplace is noteworthy. It is an evident fact that the overall NFT lending market expanded significantly in 2024. Blend gained traction and finally became a market leader as Blur’s new lending platform, the NFT marketplace. They have kept their advantage, with market shares ranging from 88.8% to 96.5%.
The non-fungible token loan market of 2024 is seeing an unprecedented and huge increase. This tendency is shown by a staggering 43.6% growth quarter after quarter, and platforms other than Arcade and NFTfi, such as X2Y2, Parallel Finance, and BendDAO, have minor market shares. Today, NFT lending platforms are launching additional incentives to boost trading activity. Arcade, which is backed by Pantera Capital, launched the “Clash of Clans” airdrop service in February.
NFT lending platforms such as X2Y2 and BendDAO have announced token releases for their members. The fast shifting NFT sphere will undergo a transition when NFT lending volume rises sharply.
Blend, which launched in May 2023, uses a peer-to-peer lending strategy and allows borrowers to use their NFT as collateral. Borrowers can repay when it is convenient for them because to the flexibility provided by NFT lending platforms such as Blend. The leaders of the NFT lending industry cemented their positions in the first months of 2024 and 2024. January had a record-breaking monthly NFT loan volume of $0.90 million.
The influence of Bitcoin’s growing popularity on the NFT lending sector is a topic of interest among cryptocurrency enthusiasts. Blend is leading the charge toward a massive increase in NFT market volume. NFT (Non-Fungible Token) is an asset that may be tokenized using a blockchain, and the relationship between the token and the asset distinguishes it. The incredible feature of NFTs is that they can be exchanged for cryptocurrency, money, and other NFTs.
Although two non-fungible tokens from the blockchain appear to be identical, they are not interchangeable. NFT is a one-of-a-kind cryptographic token on the blockchain network that cannot be copied. Non-fungible tokens manifest both digital and real-world assets such as artwork and real estate.