When we started building NFTfi in February of 2020 the rest of the world hadn’t woken up to just how important NFTs are going to be. While we knew that NFTs would be a core component to the decentralised future we are all building together, we had no idea things would take off quite as fast as they did.
When we first started talking to investors we knew we had to find people who shared our vision for the future of the virtual economy and the pivotal role NFTs would play in it. …
Despite existing for only a brief time and growing organically, with users discovering us mostly by word of mouth (give or take several interviews), NFTfi has already seen significant community growth and 743.45 ETH in loan volume at time of writing.
Time to whip out the big guns.
We’ve been hard at work closing business deals and taking care of bureaucratic necessities that you need not know about yet but WILL know about soon, all of which will lead to the development of the NFTfi platform we are envisioning and will now have the resources to create.
In the meantime…
Before we dive into promissory notes, let’s recap the basics of how the NFTfi platform works.
NFTfi is a platform for P2P loans that use one of your NFTs as collateral for the transaction. We hold the NFT in escrow while the loan is active so lenders know for sure that they will either get their money back with interest (if that is what was agreed to) or receive the NFT in exchange. For the nitty gritty on how the platform works check out our Introduction and FAQ article.
But to understand how NFTfi may open up brave new possibilities…
We get lots of questions about lending and borrowing using NFTfi still, so in this new mini-series we’re going to dive a bit deeper on each side of the marketplace and explore some strategies and things for you to consider.
Lending on NFTfi is ultimately about providing liquidity to another user, the borrower. In our contract you as a lender exchange your loan in wETH for a claim to their NFT, which is used as collateral in the transaction.
As a lender you set the loan value, the interest and the duration of the loan. That means we…
Welcome back to the grand experiment… week 3
If you missed the first parts, you may want to start here.
New week, new dreams. The first thing I did was rush into a 4 ETH position on DXD. That was a terrible idea!
4 ETH = 4.82 DXD
Then ETH dropped like a stone and I got stuck as it pulled DXD down with it. It took several days for the ratio to pop back up to 4.06 ETH again briefly, allowing me to get right back out again as I didn’t trust the market. Nasdaq looked bloody. …
Welcome back to second part of the great NFT x DeFi experiment.
If you missed the first part, you may want to start here.
So, I had my ETH and FalconSwap tokens pooled in Uniswap, and things were looking good. I had made a plan and now the key was to just stay in the pool and avoid silly fees moving things back and forward. Right? Almost…
I suddenly had a weird feeling. Why had nobody else done a layer two solution to Uniswap? FalconSwap had not launched the product yet, what if it was a scam? …
I sat yesterday and contemplated that all my high-end NFTs are basically sitting as unproductive principal in the midst of a DeFi boom. I don’t want to sell them, but they are not doing any work for me either. We are not yet at a stage where NFTs are directly accepted as collateral on DeFi platforms like Maker, Compound or Aave, so instead I decided on a simple experiment:
Q: Can I take out a loan, invest the funds, pay the loan back and profit?
To start with I listed a top Frankfurt Cryptovoxels plot for a loan…
Since our recent launch of NFTfi we’ve had amazing feedback and ideas from the community in our Discord. We know that trying something new in the crypto world can be scary, so to all of you who have used NFTfi - thank you!
To show our appreciation to these first core users, and to celebrate the brand new stats page with leaderboards on lending and borrowing, we are doing a little competition to spice things up!
We are giving away 1 x Cryptovoxels plot (purchased at 1.17 ETH).
Since our recent launch of NFTfi we’ve had some amazing feedback from the community in our Discord. We know that trying something new in the crypto world can be scary, so for all of you who have used NFTfi so far: thank you!
To show our appreciation and get a few new users involved (more liquidity for everyone!) we are doing a giveaway.
We are giving away 5 NFT’s to accounts that either list an NFT, make an offer, or start a loan on https://nftfi.com.
Introduction and FAQ
NFTfi is a simple p2p marketplace for collaterized NFT loans. It allows borrowers to put up assets for a loan and lenders to make offers to lend in return for interest.
In this article we will go through the basic functionality of the NFTfi platform and answer a few common questions we’ve had already. Keep em’ coming!
A simple marketplace for NFT collaterized loans. Put your own NFTs up as collateral for a loan, or offer loans to other users on their non-fungible tokens.