Krutika Adani
From $1 billion in January 2024 to just $50 million in May 2025—DappRadar reveals a dramatic collapse in NFT loan activity.
Borrowers down 90%, lenders down 78%. With fewer users and smaller loans, the market has entered survival mode.
Falling NFT prices wiped out confidence. “This isn’t just a cooldown—it’s a restructuring,” says analyst Sara Gherghelas.
Pudgy Penguins defy the trend with $203M in loans—more than Azuki ($85M) and BAYC ($45M) combined.