Total NFT Lending Volume Hits $2.13B In Q1 2024 – CoinGecko Report

The brand new non-fungible token lending innovation continues gaining important adoption amongst crypto collectors and non-fungible token marketplaces; with a latest research from CoinGecko showcasing that the full NFT lending quantity surpassed $2.1 billion within the first quarter of 2024.

Complete NFT lending quantity surged to a quarterly excessive of $2.13B in Q1 2024, with 5 out of the highest 6 NFT lending platforms seeing elevated volumes.

In immediately’s article, we’ll have a look at the preferred platforms and their efficiency within the final quarter. ⬇️ https://t.co/BIOprtwhfz

— CoinGecko (@coingecko) April 30, 2024

What Is NFT Lending?

Launched someday in 2022, NFT-backed financing, also called “NFT lending,” is a type of decentralized finance that enables people to make use of their non-fungible tokens as collateral to accumulate extra crypto liquidity. The mortgage will be later utilized to buy extra non-fungible tokens.

NFT lending got here into the highlight final yr after Blur’s NFT market launched Mix, a peer-to-peer perpetual NFT lending protocol on the Blur ecosystem that enables customers to borrow Ethereum liquidity utilizing their NFTs as collateral. Since then, the NFT lending panorama has gained huge traction amongst NFT marketplaces and merchants.

Complete NFT Lending Quantity Hits $2.13B In Q1 2024

The latest non-fungible token market analysis carried out by CoinGecko, an on-chain crypto market aggregator and a multi-chain non-fungible token market explorer, reveals that the full NFT lending quantity surged to a quarterly excessive of $2.13 billion in Q1 2024, with 5 out of the highest six NFT lending platforms seeing elevated lending volumes.

High Six NFT Lending Platforms:

Supply: coingecko.com, High 6 NFT Lending Platform in Q1 2024

1. Mix

Mix, the lending protocol supplied by the main Ethereum NFT market Blur, was the highest NFT lending platform in Q1 2024, dominating the market with a 92.9% share. In January, Mix amassed a month-to-month lending quantity of $869 million, $587 million in February, and $562.33 million in March 2024.

Supply: coingecko.com, High 6 NFT Lending Platforms by Market Share

Mix was launched in Might 2023 and instantly captured a majority 82.7% market share in the identical month. Since then, Mix’s month-to-month market share has remained within the lead, starting from 88.8% to 96.5%. In Q1 2024, Mix noticed its NFT lending quantity soar 49.2% quarter-on-quarter (QoQ) to succeed in a brand new excessive of $2.02 billion.

2. Arcade NFT Lending Platform

Arcade is the second main NFT lending platform in Q1, 2024. Constructed on Ethereum, Arcade is a protocol and platform combo that facilitates NFT-based peer-to-peer lending and borrowing. Arcade empowers its customers to safe fixed-rate time period loans by leveraging the worth of their NFTs as collateral. The NFT lending platform recorded a lending quantity of $9 million in January, $12 million in February and $16 million in March 2024.

3. NFTfi NFT Lending Platform

NFTfi was the third-ranking NFT platform by quantity in Q1 2024. NFTfi is a peer-to-peer platform connecting NFT holders and liquidity suppliers straight by way of permissionless good contract infrastructure. In line with the CoinGecko report, NFTfi recorded a lending quantity of $10 million in January, $12 million in February and $13 million in March 2024.

4. X2Y2fi NFT Lending Platform

X2Y2 Fi, an NFT lending market platform from the NFT market X2Y2 designed to supply specialised financialization companies for NFTs, was the fourth-ranking NFT lending platform in Q1, 2024. In January, the X2Y2 Fi recorded a non-fungible token lending quantity of $5.3 million, $6.6 million in February and $4.7 million in March 2024.

5. BenDAO NFT Lending platform

BenDAO, an NFT lending service famend for permitting customers to take loans of as much as 40% of their collateral, was the fifth main NFT lending platform in Q1,2024. The lending platform recorded a lending quantity of two.8 million in January, $3.2 million in February and $4.6 million in March 2024.

6. Parallel Finance NFT Lending Platform

Parallel Finance, the DeFi Tremendous App famend for encompassing lending, staking, buying and selling, purchase now, pay later, and extra inside a single platform, was the sixth main NFT lending platform in Q1, 2024. The NFT lending platform recorded a lending quantity of $3.1 million in January, $2.5 million in February and $3.2 million in March, closing the highest six NFT lending platforms in Q1 2024.

The whole NFT lending quantity throughout the six NFT lending platforms reached a quarterly excessive of $2.13 billion final quarter, representing a progress of 43.6% QoQ as 5 of the six greatest NFT lending platforms skilled greater volumes. Particularly, January 2024 noticed a document $0.90 billion in whole month-to-month NFT lending quantity, surpassing the earlier excessive of $0.85 billion in June 2023.

1/ Our research reveals that the full NFT lending quantity reached a quarterly excessive of $2.13 billion final quarter, representing a progress of 43.6% QoQ as 5 of the 6 greatest NFT lending platforms skilled greater volumes.

Learn the complete research: https://t.co/PYsCz8ke9l pic.twitter.com/eOXubBI4Vf

— CoinGecko (@coingecko) April 25, 2024

To ship a factual and precise report, the CoinGecko research crew examined the highest NFT lending platforms by month-to-month lending quantity from January 2023 to March 2024, primarily based on dependable sources, together with Dune Analytics, NFTfi Basis, Beetle and Arcade XYZ.

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