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HomeNFTEthereum and Polygon NFTs Soar as Lending Ecosystem Reaches New Heights in...

Ethereum and Polygon NFTs Soar as Lending Ecosystem Reaches New Heights in January

  1. January 2023 saw a significant spike in NFT activity on OpenSea, with Polygon NFTs trading volume surpassing Ethereum NFTs for the second month in a row.
  2. The NFT lending ecosystem has reached all-time highs in terms of monthly loan volume, number of loans, and number of lenders and borrowers.
  3. BendDAO emerged as the largest NFT lending protocol in January, borrowing over $36 million.

Ethereum and Polygon NFT Trading Volume Increases on OpenSea

NFTs Largest OpenSea activity NFT Marketplace, saw a significant surge in January 2023. The Ethereum NFT hit its highest trading volume of $444 million since August 2022, attracting his 319,641 traders who sold 1,132,681 Ethereum NFTs on the platform.

Polygon NFTs from OpenSea. Source: Dune/niftytable

This shows that the volume of Polygon NFTs traded on OpenSea surpassed Ethereum NFTs for the second consecutive month with 1,514,895 NFTs traded in January 2022 and 1,305,244 NFTs traded in December.

However, the average Polygon NFT trader traded twice as many 7 NFTs but only spent $69. The monthly number of Polygon NFT traders has reached an all-time high since September 2021, with 224,719 traders in January 2023.

The Polygon PoS chain also recorded an average of 3,022,920 transactions per day in January 2023.

Porygon’s daily transactions.Source: Polygonscan

The NFT lending ecosystem is experiencing explosive growth

The NFT lending ecosystem also saw a significant increase in January, with monthly loan volumes and number of loans hitting record highs. A total of 17.9K ETH worth about $28 million was lent out of his 4,399 loans, bringing together a record number of his 616 borrowers and his 291 lenders, with a borrower per lender of his 2.12 It turned out to be human.

Monthly NFT loan volume (ETH). Source: Dune/rchen8

BendDAO emerged as the largest NFT lending protocol, with over $36 million borrowed in January, followed by NFTfi at $25 million, X2Y2 at $12 million and Arcade at $7.8 million. As loans have grown, the interest per loan has decreased and lenders are now paying $90 per loan. Wash trades between Ethereum NFTs in January accounted for less than 0.6% of total trades.


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