The most recent study conducted by NonFungible. com marks a significant achievement in the realm of NFT lending. During the first half of 2024, the market experienced a growth in volume exceeding $2 billion, representing a 44% rise from the previous year. The rapid increase is attracting the attention of investors and NFT holders. What is the function of NFT borrowing? Utilizing your NFTs as collateral for a loan is a straightforward process. Users can collateralize their NFTs on lending platforms to secure a loan. This allows them to obtain funds without having to liquidate their valuable digital possessions. At the forefront of NFT lending is Blend, a platform created by the well-known NFT marketplace Blur in May 2023. In March 2024, it captured an impressive 93% of the market share, with lending exceeding $2.02 billion in just the first quarter.