[NEWS] Blur announces "Blend," an NFT unlimited lending service

Blur, an NFT marketplace that introduces an aggregator function that allows NFTs to be traded in bulk, announced on the 2nd the launch of its P2P unlimited lending service, Blend.

Blend is an abbreviation for Blur Lending, and NFT holders can borrow Ethereum (ETH) using their NFTs as collateral.

According to Blur, using Blend creates an opportunity to earn 10 times higher yields than existing DeFi.

On its official Twitter account, it emphasized that "All trillion-dollar markets rely on financialization to scale. While you may want to buy a large collection, few can afford to pay for it all at once. NFT lending is the solution."

In addition, "Blend is a fixed-rate protocol that does not rely on oracles and supports any collateral. It also does not charge fees to borrowers or lenders, further propelling the Blur brand into the DeFi world."

Until now, if you had little ETH, you had to sell your NFTs to obtain funds and purchase new NFTs.

However, the introduction of Blend will make it possible to raise funds without selling NFTs, which could improve user convenience and NFT liquidity.

Blur points out that just as it is difficult to purchase a house if you cannot get a loan at the time of purchase, the same situation is beginning to occur with NFTs. Based on this, he argues that financialization of NFTs is essential to expanding the market size in the future.

Currently, there are three collections that are supported: CryptoPunks, Azuki, and Miladys. They plan to add more collections in the future.

In addition, when using Blend, lending points are awarded. Points vary depending on the collection.

Currently, if you hold CryptoPunks, you can borrow up to 42 ETH.

Reference:Blur official Twitter, white paper
Image: From Blur official Twitter