Coingecko: Who are the top NFT lending platforms?

Author: Lim Yu Qian, Coingecko; Translator: Deng Tong, Golden Finance

What are the top NFT lending platforms?

Blend is the largest NFT lending platform, leading the market with a 92.9% share and a monthly loan volume of US$562.33 million in March 2024.Blend was launched in May 2023 as a lending protocol provided by leading NFT marketplace Blur, and immediately captured 82.7% of the market share in the same month. Since then, Blend has maintained its leading position with monthly market share ranging from 88.8% to 96.5%.In the first quarter of 2024, Blend's NFT loan volume increased by 49.2% month-on-month to a new high of US$2.02 billion.

Arcade, NFTfi take the lead among small NFT lending companies

The second most popular NFT lending platform is Arcade (ARCD), with a market share of 2.8% and an NFT lending volume of US$16.94 million; NFTfi (NFTFI) is 2.2%, with a trading volume of US$13.32 million in March 2024. Arcade and NFTfi are the only other NFT lending platforms that have maintained a monthly market share above 1.0% since last year.

Arcade also hit a quarterly high in NFT lending volume in the first quarter of this year, reaching $39.46 million, up 37.1% month-on-month. During the same period, NFTfi's lending volume increased 48.3% month-on-month to $35.88 million. With Arcade launching its token in April 2024 and NFTfi about to launch its token, it remains to be seen what impact this will have on each platform's NFT lending volume.

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

NFT lending volume hits high of $2.1 billion in Q1 2024

NFT lending volume reached a quarterly high of $2.13 billion last quarter, up 43.6% from the previous quarter, with five of the six largest NFT lending platforms seeing higher volumes. In particular, monthly NFT lending volume hit an all-time high of $900 million in January 2024, surpassing the previous high of $850 million set in June 2023.

Given that NFT lending is still dominated by Ethereum NFT collections due to the synergy between Blend and Blur, the impact of the increasingly popular Bitcoin Ordinals on the NFT lending market may be worth watching.

Top NFT lending platforms by market share

As of March 2024, the market share of the top six NFT lending platforms by loan volume:

NFT lending volume by month

Total monthly NFT lending volume of the top six NFT lending platforms: