NFT Marketplace Blur Launches Peer-to-Peer Lending Platform, Blend
NFT
Non-fungible token (NFT) market Blur mentioned Monday it’s rolling out a peer-to-peer NFT lending protocol.
Known as Mix, quick for Blur Lending, the platform will permit merchants to maximise NFT liquidity by permitting patrons to place up collateral for his or her token purchases. It will allow new patrons to enter the ecosystem who had been beforehand priced out of pricey collections like Bored Ape Yacht Membership and CryptoPunk NFTs.
Simply as dwelling patrons put a down fee on a property after which pay a mortgage, Mix will permit collectors to use the identical rules to NFT markets – they’ll put up a proportion of the total NFT worth and finance the remaining stability.
Blur posted a Twitter thread sharing the small print of the product, explaining how the product will assist open alternatives for lenders and debtors searching for to enter the market.
“Each trillion greenback market depends on financialization to scale,” mentioned Blur in a tweet. “Many could wish to purchase into a group, however only a few can afford to pay it suddenly. The answer is NFT lending.”
Blur shared that the product was created in collaboration with Dan Robinson, Head of Analysis at enterprise capital agency Paradigm and investor in decentralized alternate (DEX) Uniswap V3, alongside pseudonymous analysis affiliate Transmissions, who has beforehand contributed to constructing {the marketplace} protocol Seaport. Paradigm is the lead investor in Blur.
In keeping with the thread, Mix can have no charges for merchants or lenders, pushing the Blur model additional into the world of decentralized finance (DeFi).
“Mix is a versatile and permissionless floating-rate lending protocol that may assist arbitrary collateral with no oracle dependencies, and permits no matter rates of interest and loan-to-value ratios the market will bear,” reads the Mix whitepaper. “We’re excited to see how folks use it!”
Mix involves Blur close to the tip of Season 2, the airdrop interval of $300 million value of its native BLUR token. In keeping with knowledge from Dune Analytics, whereas Blur has held its spot as main NFT market for the previous a number of months, combination NFT buying and selling volumes have declined prior to now weeks.
