How to use Blend: A simple guide for beginners 🚀

F

Fernik

Guest
Hi everyone, I’m a crypto gambler who has been using Blend for a while now. Blend is a platform that allows you to borrow and lend NFTs using Blur, a decentralized marketplace for NFTs. It’s a great way to earn passive income, access liquidity, and leverage your NFT assets.

In this post, I will show you how to use Blend in a few easy steps:

  1. Connect your wallet. You can use MetaMask, WalletConnect, or Coinbase Wallet to connect to Blend.
  2. Choose your role. You can either be a lender or a borrower on Blend.
  3. If you are a lender, you can browse the available NFTs that borrowers are requesting loans for. You can filter by category, value, duration, interest rate, and collateral ratio. You can also create your own loan offer by specifying the NFT you want to lend, the amount you want to lend, the duration of the loan, the interest rate, and the collateral ratio.
  4. If you are a borrower, you can browse the available NFTs that lenders are offering loans for. You can filter by category, value, duration, interest rate, and collateral ratio. You can also create your own loan request by specifying the NFT you want to borrow, the amount you want to borrow, the duration of the loan, the interest rate, and the collateral ratio.
  5. Once you find a suitable loan offer or request, you can click on it and review the details. You can also chat with the other party and negotiate the terms if needed.
  6. When you are ready to accept the loan offer or request, you can click on “Accept” and confirm the transaction in your wallet. The loan will be executed on Blur’s smart contract and the NFT will be transferred to the borrower’s wallet as a temporary owner. The lender will receive the loan amount in ETH plus interest at the end of the loan period.
  7. If the borrower fails to repay the loan on time or defaults on the loan, the lender can claim the collateralized NFT as a permanent owner.
That’s it! You have successfully used Blend to borrow or lend an NFT. I hope this guide was helpful for you. If you have any questions or feedback, feel free to leave them below!

#Blend #NFT #Lending #Blur #DeFi #Guide
 
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