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NFT Lending Market Crashes 97% from Peak as Activity Evaporates
NFT Lending Market Crashes 97% from Peak as Activity Evaporates
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The NFT lending market has suffered a catastrophic collapse, with monthly volume plummeting to a mere $50 million in May—a 97% plunge from January 2024’s $1 billion peak. DappRadar data reveals a near-total exodus of participants: active borrowers dropped 90% year-over-year, while lenders retreated by 78%.
Average loan sizes mirror the downturn, shrinking 71% from $22,000 during the 2022 bull market to roughly $4,000 today. "The sharp decline suggests the NFT lending narrative no longer resonates with users in current conditions," notes DappRadar analyst Sara Gherghelas. The sector now faces existential questions as speculative capital flees to other crypto verticals.
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