Blend is a new lending platform launched by the NFT Marketplace Blur. It enables collectors to purchase expensive NFTs with a smaller initial payment, similar to a down payment when buying a house.
Blur, an NFT marketplace, has announced the launch of a peer-to-peer lending platform for NFTs called Blend.
1/ Introducing Blend: the Peer-to-Peer Perpetual Lending Protocol for NFTs.
Built in collaboration with @danrobinson and @transmissions11 at @paradigm, Blend enables 10x higher yield opportunities than current DeFi protocols and unlocks greater liquidity for NFTs.
Here’s how 👇 pic.twitter.com/uOFC6i3LSq
— Blur (@blur_io) May 1, 2023
The NFT marketplace Blur has launched a new platform called Blend, which is a peer-to-peer NFT lending protocol. With Blend, buyers can make a smaller payment, similar to a down payment on a house, to purchase high-value NFTs like Bored Ape Yacht Club and CryptoPunk NFTs. Traders can put up collateral for their token purchases, maximizing NFT liquidity and allowing new buyers to enter the market who were previously priced out.
Blend, the new peer-to-peer NFT lending platform launched by Blur, will enable collectors to buy expensive NFTs with a smaller upfront payment, similar to a down payment made while buying a house. This will work on the principle of mortgage where buyers can pay a percentage of the full NFT price as collateral and finance the remaining balance.
Blur, an NFT marketplace, shared on Twitter about its new product called Blend. This product will create opportunities for both lenders and borrowers to enter the NFT market. The company posted a Twitter thread explaining the details of the product.
Blur, in a tweet, said that for a trillion-dollar market to grow, financialization is necessary. Many people may want to buy an entire NFT collection, but not everyone can afford to pay for it all at once. Therefore, NFT lending is a solution to this problem.
According to Blur, its Blend lending platform was created in partnership with Dan Robinson, the Head of Research at venture capital firm Paradigm. Robinson is also an investor in decentralized exchange Uniswap V3. The platform was also built with the help of Transmissions, a research associate who has worked on building the marketplace protocol Seaport. Paradigm is the main investor in Blur.
