According to a report from CoinGecko, the NFT lending market has seen a significant increase in trading volume in Q1, surpassing $2 billion with a 44% growth compared to the previous quarter, reaching a new high. In January, the total NFT loan amount reached a record-breaking $900 million, surpassing the previous monthly record of $850 million set in June 2023.
Blend, a lending platform, has shown significant dominance in the market, with a monthly loan amount of $562.3 million as of March 2024, occupying nearly 93% of the market share. Blend has consistently led the market, with its share fluctuating between 88.8% and 96.5%. In Q1 2024, Blend’s NFT lending volume increased by 49.2% compared to the previous quarter, with a total amount exceeding $2.02 billion.
Arcade occupies a 2.8% market share with a loan amount of $16.9 million, followed closely by NFTfi with a 2.2% share and a loan amount of $13.3 million in March 2024.
Both platforms have maintained a monthly market share of over 1% since last year. Other NFT lending platforms, such as X2Y2 and BendDAO, each occupy a 0.8% market share, while ParallelFinance (formerly ParaX) occupies a 0.5% market share.