A brand new report from NFTGators famous the “significant surge in NFT activity” as Polygon NFTs once more surpassed Ethereum in quantity. The rise in NFT lending is partly liable for the rise in exercise. BendDAO had essentially the most vital quantity in January at $36 million.
NFT exercise will increase
The rise in NFT lending is a component of a wider NFT resurgence. OpenSea exercise elevated as 319,641 Ethereum customers bought 1,132,681 NFTs, whereas 224,719 Polygon customers traded 1,514,895 NFTs in January.
Consequently, the common NFT on Ethereum traded for $1390, shopping for a mean of three.54 NFTs. However, the sale value on Polygon was simply $69, with a mean of seven NFTs per person. Due to this fact, Ethereum merchants spent a mean of $4,920, and Polygon merchants invested $483.
The under charts visualize the information and the uptick in Polygon NFT exercise.
Month-to-month NFT mortgage quantity (ETH). Supply: Dune/rchen8The surge in NFT Lending
The report disclosed that 17,900 ETH was distributed by means of 4,399 loans. The common mortgage worth was 4 ETH per mortgage, 29 ETH per borrower, and 61.5 ETH per lender.
The elevated exercise has additionally decreased the value of NFT loans, as lenders pay a mean of $90 per mortgage in curiosity funds.
Outdoors of the market chief, BendDAO, different platforms similar to NFTfi, X2Y2, and Arcade made up a further $44.8 million.
Mortgage quantity was under 1,000 ETH monthly throughout the NFT bull run of 2021, and it beforehand peaked shortly earlier than the Terra Luna crash in Could 2022.
Month-to-month NFT Mortgage Quantity (Supply: Dune)
