NFT Marketplace Blur Launches Innovative NFT Lending Program

The NFT marketplace Blur has initiated its lending program called 'Blend,' a peer-to-peer system designed for non-fungible tokens.

In essence, part of this lending program operates similarly to a mortgage on tangible assets. Users can obtain a fraction of their chosen NFT if they lack the full amount needed, with the remainder being financed later. This 'buy now, pay later' capability permits users to acquire NFTs with just a small upfront payment.

It’s important to mention that borrowers can repay their loans at any time, ultimately gaining complete ownership of their digital assets. NFT holders also have the option to list their newly acquired NFTs for sale, allowing them to keep the profits from their sales.

Meanwhile, NFT owners looking for liquidity can secure ETH by using their NFTs as collateral, which means they won’t need to part with their valuable digital assets thanks to Blend.

1/ Blur Lending, aka Blend, is NOW LIVE.

For instance, if you own a CryptoPunk, you can access a loan of up to 42 ETH in no time.

If you're in the market for an Azuki, you can now purchase one with just 2 ETH as an initial payment.

Points have received updates as well. Find out more below 👇 pic.twitter.com/jRBwE8DYEo

— Blur (@blur_io) May 1, 2023

Prior to the introduction of Blend, Blur had a system for 'bidding' and 'listing' points. With 'Blend,' the platform now includes 'lending' points. Interestingly, the rewards can vary by collection, meaning that different NFT collections might yield different points. It's noteworthy that in some cases, Blur has substituted listing points with lending points for certain projects.

As of now, the marketplace features three top-tier collections with varying price levels: Azuki, CryptoPunks, and Miladys. Therefore, users of Blend can already borrow as much as 42 ETH using a CryptoPunk NFT or acquire an Azuki token with a lending amount of just 2 ETH on the Blur platform.

The platform has plans to expand its offerings by adding more NFT collections shortly. Community members are encouraged to engage in this selection process by leaving comments about their preferred NFT projects to be included in the marketplace. tweet Top 5 Crypto Lending Platforms to Watch in 2022: Insight on Rates, Types, and Associated Risks

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