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NFTfi: The Marketplace for NFT Collateralized Loans | Keep You NFT and Liquidate It Too

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@vimukthi
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During the 2017-2018 bull market I saw projects like SALT lending that gave people loans with cryptocurrency used as collateral. Now we have entered a world where you can use any ERC-721 token up for collateralization.

I was impressed by and was very happy to come across the idea of the great (but somewhat risky) trade of using cryptocurrency backed loans on https://www.saltlending.com Today I come across another great innovation in the cryptosphere:

I immediately figured out what they were going to do and how important the project is going to be because of my previous understanding of SALT Lending.

A Great Deal For The Lender

You can browse NFTs such as Gods Unchained, Decentraland, Cryptovoxels, Cryptokitties or some extremely expensive art piece that doesn't seem to have any real utility whatsoever and decide to lend some random person on the internet some of your cryptocurrency.

  • You will earn interest on your cryptocurrency
  • If things go bad; you own a new NFT

You never have to trust anyone thanks to smart contracts. Even two individuals from two groups that hate each can transact with peace of mind thanks to blockchain technology and without any middlemen or government intervention.

Statistics (wETH)

Statistics (DAI)

You can check them out as they change on https://www.nftfi.com/stats If you look carefully, you will see that there is a 200,069 DAI worth loan. DAI is set to be worth $1. Expected APR from the loan is 41% When it comes to wETH, loans are much smaller in size. High volatility of ETH should have played a part in this.

There is Some Serious Backing

This should not come across as a surprise considering how important and useful this type of service is. NFTs and DeFi have become the biggest thing in the current market and I'm sure there is a lot of room left to expand.

Happy Investing!

Posted Using LeoFinance Beta