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NFT Lending Experiences Resurgence, Driven by BendDAO and Yuga Labs’ Collections

NFT lending has become a trend since the start of 2023, as the industry experiences a resurgence in key metrics.  

On-chain data revealed that the total monthly borrowing in January across NFT loan protocols reached the highest level since mid 2022, according to a report from The Block Research.

The trend has been driven by a combination of factors, including a recent boom in NFT markets, the emergence of lending protocol BendDAO and a surge in lending activity around NFTs created by Yuga Labs.

BendDAO has already outpaced its competition by currently occupying a market share of 43%, while NFTfi lags with 32% of the total borrowing volume, according to The Block Research. 

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