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NFT Lending Volume Surpass $2.1B in Q1, Led by Blend

3.8
| by
Lim Yu Qian
-

What Is the Top NFT Lending Platform?

Blend is the top NFT lending platform, dominating the market with a 92.9% share, at a monthly lending volume of $562.33 million in March 2024. Blend launched in May 2023 as the lending protocol offered by leading NFT marketplace Blur (BLUR), and immediately captured a majority 82.7% market share in the same month. Since then, Blend’s monthly market share has remained in the lead, ranging from 88.8% to 96.5%. In Q1 2024, Blend saw its NFT lending volume jump 49.2% quarter-on-quarter (QoQ) to reach a new high of $2.02 billion.

Arcade, NFTfi Lead Among Smaller NFT Lending Players

The next most popular NFT lending platforms are Arcade (ARCD) with 2.8% in market share from $16.94 million NFT lending volume, and NFTfi (NFTFI) with 2.2% from $13.32 million volume in March 2024. Arcade and NFTfi are the only other NFT lending platforms that have managed to consistently capture above 1.0% in monthly market share since last year.

Arcade also recorded a new quarterly high of $39.46 million in NFT lending volume in Q1 this year, which is a 37.1% increase QoQ. In the same period, NFTfi’s lending volume rose 48.3% QoQ to reach $35.88 million. With Arcade’s token launch in April 2024 and NFTfi’s upcoming token launch, it remains to be seen what the impact will be on each platform’s NFT lending volumes.

The remaining NFT lending platforms are X2Y2 (X2Y2) and BendDAO (BEND), which both hold 0.8% market share, and Parallel Finance (formerly ParaX) with 0.5% market share. 

Total NFT Lending Volume Hits $2.1B High in Q1 2024

The total NFT lending volume reached a quarterly high of $2.13 billion last quarter, representing a growth of 43.6% QoQ as 5 of the 6 biggest NFT lending platforms experienced higher volumes. In particular, January 2024 saw a record $0.90 billion in total monthly NFT lending volume, surpassing the previous high of $0.85 billion in June 2023.

Given that NFT loan originations are still dominated by Ethereum NFT collections due to the synergy between Blend and Blur, the impact of increasingly popular Bitcoin Ordinals on the NFT lending market may be worth looking out for.

Top NFT Lending Platforms by Market Share

Market share of the top 6 biggest NFT lending platforms by lending volume, as of March 2024:

Rank NFT Lending Platform Market Share
1 Blend 92.91%
2 Arcade 2.80%
3 NFTfi 2.20%
4 X2Y2 0.78%
5 BendDAO 0.77%
6 Parallel Finance 0.54%

 

NFT Lending Volume by Month

The total NFT lending volume each month, across the top 6 NFT lending platforms:

Month Total NFT Lending Volume
Jan 2023 $76.01 million
Feb 2023 $70.75 million
Mar 2023 $83.07 million
Apr 2023 $102.18 million
May 2023 $418.46 million
Jun 2023 $847.54 million
Jul 2023 $538.38 million
Aug 2023 $380.32 million
Sep 2023 $310.54 million
Oct 2023 $323.12 million
Nov 2023 $563.07 million
Dec 2023 $598.26 million
Jan 2024 $900.92 million
Feb 2024 $625.20 million
Mar 2024 $605.23 million

 

Methodology

The study examined the top NFT lending platforms by monthly lending volume from January 2023 to March 2024, based on Dune Analytics data from @ahkek, @nftfi-team, @beetle and @arcade_xyz.


If you use these insights, we would appreciate a link credit to this article on CoinGecko. A link credit allows us to keep supplying you with data-led content that you may find useful.

Curious to find out more about our previous research studies & statistics? Check out this one we did on the worst NFT loan liquidations.

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Lim Yu Qian
Lim Yu Qian
Yuqian is a crypto research analyst at CoinGecko, covering a range of topics from NFTs to ETFs, crypto adoption and interest, and beyond. She's especially fascinated by the philosophical and socioeconomic aspects of crypto. She holds a Bachelor of Social Sciences with Honors from the National University of Singapore. Follow the author on Twitter @solosbrqt

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