NFT Collateralized Loans Project Hits 400 ETH

NFT Collateralized Loans Project Hits 400 ETH

By Tomadachi | Tomadachi | 30 Aug 2020


NFTfi - a marketplace where owners of desirable non fungible tokens (NFTs) can put them up as collateral for a loan and be matched with a lender willing to offer the funds on the strength of the guarantee - has passed the 400 ETH milestone in activated contracts.

How It Works

Anyone seeking a loan with any ERC-721 token can put that token up for collateralization.

Other users of the platform can now offer that person a loan if they are happy to accept the NFT in payment should the borrower fail to repay the loan.

Once a loan is agreed, ETH is paid out from the lenders account to the borrower, and the relevant NFT in the deal gets locked in a NFTfi smart contract.

If the loan is repaid as scheduled, the asset is transferred back to the borrower. If the loan is not repaid before the due date, the asset is transferred to the lender.

(Hint: If you are still not sure what an NFT is, it may be worthwhile to check out the excellent post by Brucethegoose.eth here on Publish0x titled WTF is NFT?)

Familiar and Trending Names

As can be seen on the Twitter post from the NFTfi team, various types of NFTs are proving popular as collateral with the ever-lurking CryptoKitties topping the charts.

Closing the gap on the widely known NFTs though are more specialised and artistic ones such as those produced by the creator known as Josie.

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Image: Jose Bellini

Josie Bellini, who has a background in finance and creates art that tells the story of the crypto ecosystem, is enjoying a successful run of sales and in related news has enjoyed a productive week when she notched up around 85 ETH in sales volume at the NiftyGateway exhibition.

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Image: NiftyGateway

 

 

 

 

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Tomadachi
Tomadachi

Interested in Blockchain Tech and DLT


Tomadachi
Tomadachi

Inquisitive, open and a searcher of truth... is how I see myself. Others may not be so kind in their appraisal.

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