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NFT Lending TVL Nears All-Time Lows

The NFT lending market has collapsed to roughly $8.3 million in total value locked (TVL), a 97% drop from its March 2024 peak of over $300 million, according to DefiLlama. Leading platforms have seen dramatic declines: Arcade’s TVL fell to about $300,000 from $21.5 million, and Blur’s Blend arm slipped to $3 million from $115 million. While TVL has plummeted, outstanding NFT debt has only fallen 45% to $83 million, indicating continued borrowing despite reduced liquidity. The sector is shifting toward a more stable, non‑custodial peer‑to‑peer model led by Gondi, with collateral moving from speculative profile‑picture NFTs to more traditional collectible assets.