We are currently seeing a trend in NFTs towards more lending transactions, especially for grails.

A ton of CryptoPunks (worth over $30M USD total), Pudgy Penguins, Bored Apes and other bluechip NFTs are currently on loans via the three major NFT lending platforms: NFTfi, Blend (Blur's "buy now pay later"), and Gondi.

The left-facing (and top rarity) Pudgy Penguin was out on a loan before the 200 ETH sale.

The last Azuki Spirit sale was three months ago, but several Spirits are currently on loan on NFTfi.

And that’s only pfp projects, NFT art has been heavily relying on loans for a long time now.

NFT lending tends to have a different audience than the normal NFT marketplaces, more collectors, and the majority of the volume seems to be driven by a smaller group of whales and power users.

NFT floor prices of major collections have been pretty flat lately, real money is made increasingly not in trading but in lending (APR can be really juicy if you understand NFTs well and can manage the risk).

Makes sense to keep an eye on this if you’re in NFTs imo, NFTfi released a dashboard/aggregator that aggregates the entire lending market (all loans across platforms, top users etc), good way to get an overview