NFT lending has had its strongest month, with $444 million in monthly volume throughout January.
A new report from NFTGators noted the “significant surge in NFT activity” as Polygon NFTs again surpassed Ethereum in volume. The rise in NFT lending is partly responsible for the increase in activity. BendDAO had the most significant volume in January at $36 million.
NFT activity increases
The rise in NFT lending is a part of a wider NFT resurgence. OpenSea activity increased as 319,641 Ethereum users sold 1,132,681 NFTs, while 224,719 Polygon users traded 1,514,895 NFTs in January.
As a result, the average NFT on Ethereum traded for $1390, buying an average of 3.54 NFTs. On the other hand, the sale price on Polygon was just $69, with an average of 7 NFTs per user. Therefore, Ethereum traders spent an average of $4,920, and Polygon traders invested $483.
The below charts visualize the data and the uptick in Polygon NFT activity.
The surge in NFT Lending
The report disclosed that 17,900 ETH was distributed through 4,399 loans. The average…