According to data from Dune, Blend has originated 47,757 ETH worth around $88 million worth of loans since its launch on May 1. At the time of writing, there were 630 borrowers and 891 lenders on the platform. 

The peer-to-peer NFT lending protocol, which went live last week, lets NFT holders take out loans against their digital collectible assets and allows liquidity providers to earn interest on their ETH with NFTs as collateral.

“Every trillion dollar market relies on financialization to scale. NFTs are no different,” said Blur at the time of its launch. 

The ability to intuitively finance these purchases would give collectors the chance to access NFT collections that previously appeared out of reach. Examples of this included the high-value CryptoPunks and the Azuki collections that were offered at discounted prices.

The most recent addition to Blend is the DeGods collection on May 9, which allows users to acquire the NFT by paying 1 ETH upfront and borrowing 7.6 ETH.

Shortly after the platform went live, the floor prices for some of these collections increased significantly. This led some users to employ a profit generation strategy where they invest in NFT collections most likely to be included on Blend a few days before the announcement.

“While it’s good news that NFTs finally have some liquidity, it’s still scary to think that so much ETH is being borrowed against very volatile JPEGS,” wrote crypto trader “@great_ben_” on Twitter.