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Fortune

Marco Quiroz-Gutierrez

This Week in the Metaverse: NFT-backed loans, led by Blur and Arcade, are making a comeback

Blur Arcade NFT metaverse Blend CryptoPunks Dune Fortune

(Credit: Illustration by Fortune)

Welcome to This Week in the Metaverse, where Fortune rounds up the most interesting news in the world of NFTs, culture, and the metaverse. Email [email protected] with tips.

At the height of NFT mania in 2021 and 2022, borrowing money against an NFT, although novel, seemed logical. The prices of non-fungible tokens were sky high—some in the millions—especially for pieces in blue chip collections like Bored Ape Yacht Club and CryptoPunks.

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