NFT quick update: Expension Of The NFT Lending Ecosystem
New NFT market feature is on a rise, the use case of NFT lending, provided by different protocols making it easier for NFT holders to leverage their digital assets.
The NFT lending ecosystem is growing rapidly as platforms like BendDAO and NFTFi gain popularity. At one point, BendDAO held 423 MAYC and 94 Doodles NFTs, with a total volume of over $11.1M in both NFT collections, showing the increasing demand for NFT lending.
The NFT lending ecosystem has experienced a weekly borrowing volume of $23.4M.
BendDAO is one of the key players in the NFT lending ecosystem, with a high number of NFT holdings, totaled at 40.4K ETH (~$65M).
NFT lending is becoming more popular, as more and more individuals and organizations are looking to leverage the unique properties of non-fungible tokens for lending and borrowing purposes.
Among other big milestones in terms of BendDAO deposits, recently, 154 Bored Ape Yacht Club NFTs were deposited to BendDAO as collateral, further strengthening the platformโs NFT holdings.