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Here is the breakdown of today's newsletter:
👀 BLUR Introduces NFT LendingÂ
Pharrell and Adidas just dropped a new set of digital clothing for Doodles. (DC)
Yuga Labs just picked up the former Executive Vice President of Epic Games to fill the role of CTO. They have worked on games such as Fortnite. (@nftnow)
Metas' investment into developing their metaverse has resulted in a nearly $4B loss and is expected to take some time to recover. (CT)
NFT trading platform Blur introduces Blur Lending (AKA "Blend"), a buy-now-pay-later program for better or worse of the market. Someone has already picked up an Azuki NFT utilizing this new method. (@blur_io)
Google Cloud will soon be launching a Web3 startup program in partnership with multiple blockchains. (CP)
BLUR Lending (BLEND) Begins 👀
Just yesterday the NFT marketplace that has completely shaken up the space this past year announced BLEND, a peer-to-peer lending protocol for NFTs.
💡 Explain it to me like I’m 5:Â
Let’s say you want to own a BAYC but you don’t have the amount of coin to fork up the upfront cost. With BLEND you can buy a percentage of the NFT and then finance the rest. Think of a house mortgage but for NFTs.
OR
NFT holders of expensive pieces who need liquidity can borrow against their NFT without needing to sell.
💡 Pros vs. Cons
An obvious con is historically speaking it’s never the best idea to buy something you can’t afford. The argument that BLUR is making is that every trillion-dollar industry has fractional ownership vehicles and the only way NFTs can aspire to do the same is through a similar method. Lending in this format should cause an incredible uptick in liquidity. Think about it, traders could buy/sell/trade percentages of blue chip NFTs rather than the entire stake as a whole.
Here’s the official statement by BLUR below:
1/ Blur Lending, aka Blend, is NOW LIVE.
If you have a Punk, you can now borrow up to 42 ETH within seconds.
If you want an Azuki, you can now buy one with just 2 ETH up front.
Points have been updated as well. Learn more 👇
— Blur (@blur_io)
May 1, 2023
Currently, BLEND is live for 3 collections: CryptoPunks, Azuki, and Miladys but will likely expand to every project trading on BLUR soon.
Definitely worth the read…
Why I believe we will have another NFT Bull Run.
🧵👇 (1/18)
— Kouk.eth (@kouk_web3)
Apr 29, 2023
(in reference to BLUR lending)
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