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Blur NFT lending plan gets mixed reactions from NFT community

Blur NFT lending plan gets mixed reactions from NFT community

At times, the Blur NFT market has been quite heated. On May 1, it made a lot of noise about its Blending strategy and re-captured the public’s attention.

Blur, a marketplace for nonfungible tokens (NFTs), has released Blend, a collateralized lending system that facilitates buy-now, pay-later NFT purchases.

Different members of the community responded differently. Others have urged the United States Securities and Exchange Commission (SEC) to protect consumers from such products, while others view it as a significant advancement for the industry.

Blur, with assistance from the venture capital firm Paradigm, introduced Blend, a protocol for peer-to-peer perpetual lending, on May 1. The protocol recognizes NFT collateral, and according to the company, neither lenders nor borrowers would incur any fees.

A local resident praised Blur’s recent move, labeling it “massive for the space” and asserting that it improves operations. As per their tweets:

Another Twitter user believes that the most recent news from OpenSea’s competitor is a welcome distraction from the “overall negative sentiment” in the NFT industry. The member of the community may be referring to April’s declining NFT purchase numbers. Throughout the month, sellers dominated the NFT market, according to data from analytics platform NFTGo.

While some individuals focused on the benefits, others opposed NFT lending. A local inhabitant raised the prospect of defaulting on the loan and incurring additional financial losses. In the meantime, an NFT collector used the opportunity to impart knowledge about NFTs.

Jesse Hynes, an attorney for Web3, labeled the SEC on Twitter and stated that the agency should be protecting investors from such conduct. It was described by Hynes as “extremely dangerous.”

In what the community refers to informally as the “NFT marketplace wars,” Blur has been advancing its position on the NFT market, prompting OpenSea to take action. OpenSea instituted 0% fees on February 18 to reclaim its customers from Blur. OpenSea has introduced an ingenious NFT marketplace aggregator to further disrupt the apple cart.

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About MahKa

MahKa loves exploring the decentralized world. She writes about NFTs, the metaverse, Web3 and similar topics.

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