Mixed Reactions to Blur's NFT Lending Protocol

On May 1, Blur, a non-fungible token (NFT) marketplace, launched a new collateralized lending protocol called Blend. The protocol allows for NFT collateral and charges no fees from lenders and borrowers. While some in the community praised the move as a significant development, others expressed concerns about the risks involved. A community member called on the US Securities and Exchange Commission (SEC) to protect users from such products, which was echoed by Web3 lawyer Jesse Hynes. Meanwhile, Blur's move has intensified the competition in the NFT marketplace, with OpenSea making its own moves to stay competitive.