The lending market for non-fungible tokens (NFTs) has witnessed an unprecedented surge, hitting a quarterly high of $2.13 billion in Q1, marking a significant 43.6% quarter-over-quarter growth. Blend Dominates with 92.9% Market ShareIn January, the NFT lending market hit a record $0.9 billion monthly volume, exceeding the previous peak of $0.85 billion in June 2023. Blend emerged as the top NFT lending platform, with a 92.9% market share and a monthly lending volume of $562.33 million in March 2024. Incentives and Bitcoin Ordinals InfluenceTo drive more user interaction, NFT lending platforms are introducing fresh incentives to stimulate trading activities. Looking ahead, CoinGecko stated that the impact of increasingly popular Bitcoin Ordinals on the NFT lending market is a trend worth monitoring.

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