CoinGecko: NFT lending market transaction volume reached a record high of US$2.13 billion in Q1, a 44% increase from the previous month

According to a report by Coingecko, the Q1 transaction volume of the lending market with NFT as collateral reached US$2.13 billion, a record high, an increase of 44% compared with Q4 2023. Among them, the total amount of NFT loans in January reached a record high of US$900 million, exceeding the single-month high of US$850 million set in June 2023. Blend is the largest NFT lending platform, with a market share of 92.9% and a total loan amount of US$562.33 million in March 2024. Blend was launched by NFT market Blur in May 2023 and immediately occupied 82.7% of the market share in the same month. Since then, Blend's monthly market share has remained at the forefront, maintaining between 88.8% and 96.5%. In Q1 2024, Blend's NFT loan amount increased by 49.2% month-on-month to a new high of US$2.02 billion. Next is the NFT lending platform Arcade (ARCD), with a market share of 2.8% and NFT lending of $16.94 million in March; NFTfi (NFTFI), ranked third, has a market share of 2.2% and NFT lending of $13.32 million in March. Since last year, Arcade and NFTfi are the only NFT lending platforms other than Blend that have had a market share of more than 1% in both months.