The CrypToadz community has truly been thriving since its release from captivity under the iron fist of King Gremplin. 41,800 ETH trade volume, a 6 ETH floor, 12,100 community members, 3,500 unique holders, it’s own video game and the day is still long.
Here’s one more thing you can do with your CrypToadz NFT: use it as collateral for a loan!
At NFTfi, we specialize in exactly that. Our platform lets you take P2P secured loans against your NFT. That means you can request a crypto loan from other members of the community and they will send you loan offers of various terms (loan amount, interest, duration) based on the NFT that you put up as collateral. The better the NFT, the better the terms someone might offer. A collateralized NFT is the lender’s insurance policy that you will pay back the loan on time. For more information, read about secured loans here or here.
Since whitelisting CrypToadz on NFTfi only a short while ago and without any marketing around it at all, CrypToadz have already been successfully used as collateral for no less than 11 crypto loans and a total of 39.5 ETH (~$163,000 USD) in loan volume as of this time.
Based on the demand for CrypToadz collateral, we want to encourage more of you Toadz to try our platform — and in doing so you’ll have a chance to win one of four Gen 4 Metakeys that we’ve secured as prizes.
The Metakey is a NFT that acts as your universal access pass to special events, experiences and privileged NFT drops. Go check out Metakey’s VIP area at the Metaverse Festival, the largest event to date in Decentraland, happening right now!
Ribbit!
How to Participate (all steps are mandatory)
- Log in to NFTfi and fill out your Discord username (including the numbers at the end e.g. #01234). Other profile info is optional but your correct Discord username is mandatory.
- Join the NFTfi community here — http://discord.gg/nftfi— and make sure to successfully verify (follow onscreen instructions after joining).
- Lend or borrow a secured loan backed by a CrypToadz NFT as collateral through NFTfi. For more information on how to do so, see below. The loan can be with any terms (your choice of principal, interest and duration).
- For each loan that successfully begins to which you are a party (either a lender or a borrower), you will receive one entry into the giveaway. Solely listing your CrypToadz as collateral [i.e. open to loan offers] or solely making a loan offer does not qualify as an entry. Only loans that are initiated, where an offer has been made and the borrower has accepted it, will be counted.
- The loan must begin/initiate between 22 October 2021 at 12:00 PM UTC and 29 October 2021 at 12:00 PM UTC. End date of the loan is not relevant and you are free to choose what’s right for you. Winners will be randomly selected from qualified entries on 1 November 2021.
Swamp Party at NFTfi
Loans on NFTfi are entirely P2P. That means you are taking loans from and giving loans to each other. As such, the key to making a good loan happen is connecting the right borrowers with the right lenders, using the right collateral.
The more friends — Toadz or people — that you bring to this Swamp Party, the higher chance of success that you’ll get quality loan offers and/or find quality collateral. Remember, each time you successfully give or take a loan using CrypToadz, that’s one more entry for you AND the other party.
Guidelines (#notfinancialadvice)
Here are a few things you should know if this is your first time with us:
How do I list one of my CrypToadz (or other NFTs) as available collateral?
Simply go to the item’s page on NFTfi, using the Borrow tab or the Account tab, and click the “List as Collateral” button.
By doing so, am I automatically accepting/executing anything?
Not at all. This only makes it technically possible for lender’s to make loan offers on that NFT. Otherwise the option to make an offer on it will not show up for them when they view it. It will also pop up in our NFTfi Discord Bot which displays real time NFTfi data.
Are offers ever automatically accepted?
NO. Offers are NEVER auto-accepted. Lenders can only make offers but the borrowers are in control of whether or not they are accepted.
Do I have to specify what loan terms I want?
No, when you list as collateral you are given the option to specify preferred loan terms or to choose “Any”. Specifying preferred terms does not guarantee/force the lender to offer these terms. It only acts as guidelines for them.
As a lender, how can I make a loan offer on collateral?
Use the Lend tab to view and browse all available collateral from the community. For this giveaway, best to filter by CrypToadz.
When you find an asset you’re interested in, click on it to go to the NFT’s listing page. You can then make a loan offer of your choice.
How long do offers last?
7 days, at which point they expire and auto-cancel. As a lender you can also withdraw the offer at any time if it has not been accepted.
Can I offer my community buddies 0% loans?
Hell yeah. We just want more people to try out our platform. Go nuts!
What happens when a loan offer is accepted and the loan begins?
Our smart contract will transfer the crypto to the borrower right away. If you’re a borrower, it should show up in your wallet after a short while (depending on blockchain network congestion).
The borrower’s NFT/collateral will then be moved into the smart contract as escrow (meaning no one has access to it — not even us). Upon successfully repaying the loan, the crypto + interest will be transferred directly to the lender and the borrower can reclaim their NFT/collateral. If the loan is not repaid on time, the lender can foreclose the loan and claim the collateral.
As a lender, you’ll receive a NFTfi Promissory Note NFT. That’s how our smart contract tracks who the repayment (or collateral) will go to. Read more about this fascinating concept here.
[Important] What if I want to loan against a specific CrypToadz but the borrower and I are at a standstill regarding terms? What if my loan term is nearing its end but I’m not sure I can repay on time?
This is why filling out the Discord information in your profile and joining our community is mandatory. In the future, communications will be enabled directly through nftfi.com but for now all communications happen through our Discord server.
The community is where you can find and chat with lenders/borrowers. You can also get help in valuations and appraisals. It is important to mention that, as a P2P platform, the terms locked in are between yourselves and your own responsibility. A lender CAN choose not to foreclose the loan if you do not pay on time, perhaps choosing to grant you some leeway, but we cannot force them to do so.
[Important] What if there is an airdrop or snapshot while my NFT/collateral is in the smart contract?
This is another thing we are working on, but for the time being, there is nothing we can do about it. While your NFT/collateral is in the escrow smart contract, the smart contract is technically the holder of the NFT and so that is the address that will be snapshotted or dropped to in such an event. But, even NFTfi does not have access to it and we would not be able to go in and retrieve anything for you, unfortunately. Please add this to your considerations when you are calculating risk regarding the duration of the loan. If you believe that a drop or snapshot is imminent, do not use your NFT as collateral for long durations.
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