Mere hours after the launch of Blend, Blur’s all-new lending platform, and the space is already filled with FOMO, intrigue and questionable buying decisions. Upon launch, folks far and wide aped into the Milady Maker NFT collection, which could very well result in a classic trading death spiral.
On May 2, Blur launched its slick new Blend platform that allows NFT owners to unlock the innate value of their digital collectibles. Essentially, providing them with the means to take out loans against their NFTs, while on the flipside, enabling liquidity providers to earn interest on the supplied ETH.
Through this new function, Blend has allowed fans to purchase their desired NFT with an initial deposit, and the rest of the fee represented as a loan. In the case of Milady Maker, this deposit sat at a tantalizingly low figure that enticed a high number of investors to take the plunge.
• Climbing to #2 on Trending 🏆
• Floor Price Reaches 3.64 Ξ, up by 24.62% 📈
• 24H Volume Surges to 1.69K Ξ, a 672.51% Increase 🔥
• 24H Sales Soar 511.39% to 483 📈, with 202 Whale Deals 🎯@miladymaker #NFT pic.twitter.com/7uGosMEiNh
— NFTGo (@nftgoio) May 2, 2023
NFT Collectors Ape in with Wild Abandon
Following the launch of Blend, sales in the Milady Maker collection soared by over 600% as NFT lovers looked to make use of the new lending platform. This in turn sent the floor price soaring from a modest 2.8 ETH, up to the dizzying heights of 3.75 ETH ($7000). However, as is the way of the market, this figure then plateaued and began to drop as the general collector community looked to realize its gains.
Since then, the floor price has gradually begun to decline, and now sits at 3.5 ETH. Should this trend continue, then the lenders will face the difficult decision to either wait out the downturn, or call in the loan before it drops further. Whatever the outcome, it seems that Blur and its Blend platform may take a bit of getting used to.
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