TechFlow news, a report released by CoinGecko shows that the lending market using NFTs as collateral reached $2.13 billion in trading volume during the first quarter of 2024, setting a new record high and representing a 44% year-on-year increase. Specifically:
In January, the total value of NFT loans hit a record $900 million, surpassing the previous monthly peak of $850 million set in June 2023.
Currently, Blend is the largest NFT lending platform, holding 92.9% market share, with a total lending volume of $562.33 million in March 2024.
Arcade (ARCD) and NFTfi (NFTFI) follow, with market shares of 2.8% and 2.2%, respectively.
Since last year, Arcade and NFTfi have been the only two NFT lending platforms besides Blend to consistently maintain monthly market shares above 1%.
