As per information provided by user @beetle on Dune Dashboard, Blur, a non-fungible token (NFT) marketplace, has successfully processed loans worth 8,820 Ether (approximately $16.37 million) through its newly launched perpetual NFT lending protocol, Blend. Introduced on May 1, Blend is an innovative protocol developed by Blur in collaboration with venture capital firm Paradigm, enabling users to pledge NFTs as collateral for obtaining loans.

The Azuki, Wrapped CryptoPunks, and Milady NFT collections combined constitute the most significant collateral, with a total market value of over 8,000 Ether pledged. Leading the way as the most active lender in the Blur ecosystem is Jeff Huang, a Taiwanese celebrity widely recognized as Machi Big Brother, who has issued 58 loans amounting to 1,180 ETH.

Machi Big Brother, a well-known personality in Taiwan's music industry, is not only recognized for his contributions to the field but also for his passion for collecting NFTs, particularly the Bored Ape Yacht Club series. In February, Machi became one of the major beneficiaries of the Blur token airdrop. Interestingly, on February 25, he made headlines by selling a staggering 1,010 NFTs within just 48 hours, creating what is considered the "largest NFT dump ever."

At the time of this publication, the platform has a total of 846 active loans, including eight instances of refinancing. Blend, being a perpetual lending protocol, automatically extends the loan duration upon expiry, unless either the borrower or lender raises an objection. In the event of changes in interest rates, loans can be refinanced or held through a Dutch auction. The developers of the protocol assert that Blend does not impose any borrowing or lending fees, but rather charges only interest.

In the previous year, NFT lending protocols faced significant challenges when a bear market in the crypto industry led to a lack of liquidity for many collectibles, some of which received no bids whatsoever. Among these protocols, BendDAO found itself in a precarious situation, with only $23,715 available to repay lenders despite facilitating over 15,000 ETH in loans.