Report: NFT collateralized lending market Q1 trading volume exceeds $2 billion, hitting a record high, with a quarter-on-quarter growth of 44%

ChainCatcher news, according to CoinGecko's report, the NFT collateral lending market saw a trading volume exceeding $2 billion in Q1, a quarter-on-quarter increase of 44%, reaching a record high. In January, the total amount of NFT loans reached a record $900 million, surpassing the previous single-month high of $850 million set in June 2023.

The lending platform Blend has shown significant dominance in the market, with a monthly loan amount of $562.3 million as of March 2024, capturing nearly 93% of the market share. Blend has consistently led the market, with its share fluctuating between 88.8% and 96.5%. In the first quarter of 2024, Blend's NFT lending volume increased by 49.2% quarter-on-quarter, totaling over $2.02 billion.

Arcade holds a 2.8% market share with a loan amount of $16.9 million, while NFTfi follows closely with a 2.2% share, having a loan amount of $13.3 million in March 2024. Since last year, both platforms have maintained a monthly market share of over 1%.

Other NFT lending platforms, such as X2Y2 (X2Y2) and BendDAO (BEND), each hold a 0.8% market share, while Parallel Finance (formerly ParaX) occupies a 0.5% market share.