• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M
The Blur NFT lending protocol elicits a range of responses within the community

The Blur NFT lending protocol elicits a range of responses within the community

user avatar

by Max Nevskyi

2 years ago


Jesse Hynes, a Web3 attorney, mentioned the SEC and emphasized the need for investor protection against such activities.

Blur, a marketplace for nonfungible tokens (NFTs), recently introduced its collateralized lending protocol named Blend, enabling a buy now, pay later approach for purchasing NFTs.

The community had diverse reactions to this development. Some view it as a significant advancement for the industry, while others are urging the United States Securities and Exchange Commission (SEC) to safeguard users against such products.

On May 1, Blur launched Blend, a peer-to-peer perpetual lending protocol created in collaboration with venture capital firm Paradigm. The protocol supports NFT collateral, and the team claims that it does not charge any fees to lenders and borrowers.

A member of the community expressed their admiration for Blur's recent initiative, describing it as a significant step forward for the industry and highlighting its potential to enhance efficiency. In a tweet, they stated:

The Blur NFT lending protocol elicits a range of responses within the community - news

On the other hand, a different Twitter user believes that the recent progress made by Blur, a competitor of OpenSea, serves as a positive diversion from the prevailing pessimism within the NFT realm. This community member's perspective may be influenced by the decline in the number of NFT buyers observed in April. NFTGo, an analytics platform, reported that sellers held the upper hand in the NFT market during that month.

While certain individuals directed their attention towards the positive aspects, there were others who expressed their disapproval of NFT lending. A community member emphasized the potential risk associated with being unable to repay the loan, resulting in significant financial loss. In the meantime, an NFT collector utilized the opportunity to educate others on the subject of NFTs.

The Blur NFT lending protocol elicits a range of responses within the community - news

Jesse Hynes, a lawyer specializing in Web3, mentioned the official Twitter account of the SEC and urged the commission to prioritize investor protection in relation to this specific activity, deeming it "extremely dangerous."

Blur has been actively establishing its presence in the NFT market, leading to responses from OpenSea in what the community informally dubs the "NFT marketplace wars." On February 18, OpenSea introduced a 0% fee structure to regain its user base from Blur. Additionally, OpenSea recently launched an advanced NFT marketplace aggregator as another strategic move to shake up the industry.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

Other news

Algorand (ALGO) Aiming for $0.50: Current Trend Analysis

chest

Algorand (ALGO) price changes after a long decline. Current analysis indicates bullish trends and potential support levels.

user avatarGiorgi Kostiuk

Explore Potential Altcoins: BlockDAG, Chainlink, XRP, and Cardano

chest

Overview of BlockDAG, Chainlink, XRP, and Cardano, their features and relevance in the market.

user avatarGiorgi Kostiuk

WLFI Token Prepares for Trading with $16 Billion Market Valuation

chest

The WLFI token, tied to a DeFi initiative, is set to debut on exchanges with a valuation of $16 billion. Negotiations for exchange listings are ongoing.

user avatarGiorgi Kostiuk

Latest News on Pi Network, Binance Coin, and BlockDAG in the Crypto Space

chest

An overview of the current state of Pi Network, Binance Coin, and BlockDAG in the cryptocurrency market.

user avatarGiorgi Kostiuk

Crypto News: BlockDAG, Mantle, and Ethereum Show Growth

chest

BlockDAG partners with Seattle Seawolves, while price predictions for Mantle and Ethereum turn positive.

user avatarGiorgi Kostiuk

BlockDAG Launches with 7-Day Access Window, VeChain Stays Flat, Pi Coin Drifts

chest

BlockDAG offers unique early access to coins upon launch as VeChain and Pi Coin stabilize at their levels.

user avatarGiorgi Kostiuk
dapp expert logo
© 2020-2025. DappExpert. All rights reserved.
© 2020-2025. DappExpert. All rights reserved.

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.