On April 25th, according to CoinGecko's report, the NFT collateralized lending market had a Q1 trading volume of over $2 billion, a 44% increase from the previous period, reaching a new high. In January, the total amount of NFT loans reached a record high of $900 million, surpassing the previous monthly 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, occupying nearly 93% of the market share. Blend has always been leading 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% compared to the previous period, with a total amount exceeding $2.02 billion.

Arcade occupies 2.8% of the market share with a loan amount of $16.9 million, followed closely by NFTfi with a share of 2.2% and a loan amount of $13.3 million in March 2024.

Since last year, the monthly market share of these two platforms has remained above 1%. Other NFT lending platforms, such as X2Y2 and Bend DAO, each occupy 0.8% of the market share, while Parallel Finance (formerly ParaX) occupies 0.5% of the market share.