NFTs and metaverses

NFT lending volume down 97% from 2022 peak

The non-fungible token lending market has collapsed in May, with monthly volume falling to $50 million in May, down 97% from its peak of $1 billion in January 2024, according to data from DappRadarIn a research report dated May 27, the company noted a 90% decline in the number of active borrowers and a 78% decline in the number of lenders.

The sharp decline suggests that the concept of lending is no longer compelling enough for users, at least in the current market conditions, wrote blockchain analyst Sarah Gergelas of DappRadar.

The average loan size has fallen 71% from $22,000 at the market peak in 2022 to around $4000 today. Trading volume is down nearly 2024% in 20 compared to the previous year, and total sales are down 18%.

Blend Trading Protocol NFT-sites , which once held more than 90% of the market, has now dropped to 30%. Smaller lending platforms like NFTfi and Arcade continue to operate, but their activity has slowed significantly.

The most popular on the lending market remain NFT from the collection, which has received $203 million in loans.

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