The Rise of NFT Finance (NFTfi) and OTC trading
NFT金融(NFTfi)和场外交易的兴起
Over the past year, the NFT space has gained traction, with more innovative initiatives coming to fruition and the NFT community expanding even more. We have witnessed the number of active NFT collections exceed over 3,000 collections by the end of 2021, the highest number yet, up from 193 at the beginning of March 2021. Over the course of the year, NFT marketplaces such as OpenSea, LooksRare, and X2Y2 have experienced record volumes of transactions and trade activity. However, as the market grew and matured, we began to see more creative initiatives, such as NFT OTC trading platforms, emerge and revolutionise the way collectors exchange and trade their assets.
在过去的一年里，NFT空间获得了吸引力，更多的创新举措即将实现，NFT社区的规模也在进一步扩大。到2021年底，我们已经见证活跃的NFT收藏数量，从哪个2021年3月初的193个，增加到超过3000个，这是迄今为止最高的收藏品数量，从2021年3月初的193个有所增加。在这一年中，诸如OpenSea、LooksRare和X2Y2等NFT市场经历了创纪录的交易量和交易活动。然而，随着市场的增长和成熟，我们开始看到更多创造性的举措，如NFT OTC交易平台，并出现并革命性地改变了收集者交换和交易资产的方式。
NFT Over-the-Counter (OTC) trading has been gaining popularity amongst NFT collectors in the space. With collectors brokering private deals on platforms like SudoSwap, trader.xyz and X2Y2 to trade various NFTs for other NFTs or simply sell their NFT for little to no fees.
NFT场外交易(OTC)在业内的NFT收藏家中越来越受欢迎。收藏家在SudoSwap，trader.xyz 和X2Y2等交易平台上代理私人交易。将不同的NFT兑换成其他的NFT，或只是以几乎0手续费出售他们的NFT.
Along with NFT OTC Trading, other NFT Finance protocols (staking, lending, renting, etc.) are gaining popularity. According to an article by NFTfi.com, NFT finance is the "Web3 vertical comprising the infrastructure and set of markets for NFT-based financial products and services." The interaction of these financial markets with the underlying NFT economies creates value for the NFT area. NFT Finance has the potential to enable wider participation in the NFT space. The extent of this integration, acceptability, and value production is unparalleled since the whole market infrastructure is based on the blockchain.
除了NFT场外交易，其他NFT金融资协议（抵押、借贷、租赁等）也逐渐流行起来。根据NFTfi.com的一篇文章，NFT金融是“Web3的垂直领域，包括基于NFT的金融产品和服务的基础设施和市场集。”这些金融市场与潜在的NFT经济之间的相互作用为NFT领域创造了价值。NFT金融有潜力使人们更广泛地参与NFT领域。由于整个市场基础设施都是基于区块链的，因此这种融合、可接受性和价值生产的程度是无与伦比的。
So, what draws collectors to this new kind of dealing, and why does it matter? And how will the advent of NFT Finance, as shown by lending, borrowing, and renting protocols, influence the fundamental value of these crazed new digital assets? This article will look at some of the advantages, dangers, and perspectives on various efforts aimed at bringing about change in the NFT space.
那么，是什么吸引了收藏家们参与这种新的交易，为什么它很重要呢？正如借贷、借贷和租赁协议所显示的那样，NFT金融的出现将如何影响这些疯狂的新数字资产的基本价值？本文将介绍旨在为改变NFT领域作出的各种努力的一些优势、风险和观点。
What is OTC Trading?
什么是场外交易？
Over-the-Counter (OTC), signifying a trade or transaction done directly between two parties without the presence of a 3rd party (e.g. an exchange, marketplace etc.). In the case of NFTs, marketplaces like OpenSea, Coinbase NFT and LooksRare are examples of platforms that most NFT collectors frequent.
场外交易(OTC)，指双方在没有第三方(如交易所、市场等)在场的情况下直接进行的交易或兑换。在NFT领域中，像OpenSea、Coinbase NFT、LooksRare这样的市场是大多数NFT收集者经常使用的平台。
The concept is simple and similar for most NFT OTC trading platforms in the market. Users can either:
这个概念很简单，也类似于市场上大多数NFT场外交易平台。用户可以：
Create a swap request for any asset that they want to trade/sell/buy and wait for other users to accept or negotiate a deal.
为他们想要交易/出售/购买的任何资产创建一个交换请求，并等待其他用户接受或协商交易。
Create a direct swap for the other party that you have pre-negotiated a deal with, the deal will only be accessible to a specified wallet that you have entered.
为你预先协商过的交易的另一方发出一个直接交换请求，该交易将只访问你已经进入的指定钱包。
All negotiations will happen in private, meaning no one else is able to “snipe” or front run your transaction, the transaction either happens 100% or not at all. Once both parties in the trade agree to a deal, each party sends their assets to an escrow contract and the contract executes the transaction without the need for a middle man/3rd party.
所有的谈判都将私下进行，这意味着没有其他人能够“狙击”或抢在你前面交易，交易要么100%发生，要么根本不发生。一旦交易双方达成协议，双方将其资产发送至托管合同，该合同在不需要中间人/第三方的情况下执行交易。
Despite the numerous advantages of OTC platforms, they, like all other applications, have their own set of risks. Most typically, scams that might result in the loss of your most prized jpeg (i.e. social engineering, fake sites, creation of fake collections etc.). There have been several incidents of scams employing NFT OTC platforms, with the majority involving the other side suggesting the usage of an unknown/fake site in conjunction with a harmful contract that drains your wallet. Some victims have also claimed exchanging their valuable NFTs for a bogus collection made by the other party.
尽管场外交易平台有许多优势，但与所有其他应用程序一样，它们也有自己的一系列风险。最典型的情况是，诈骗可能会导致你失去最珍贵的jpeg图片（如社会工程、假网站、创建假收藏品等）。已经发生了几起使用NFT 场外交易平台诈骗的事件，其中主要涉及到另一方关于使用一个未知/虚假网站的建议，这个网站包含有害的合约，会入侵你的钱包。一些受害者还声称，用他们宝贵的NFT交换了另一方制作的假收藏品。
x2y2.io
X2Y2 is building a decentralised NFT marketplace designed to enhance known issues of OpenSea, and deliver an improved experience of trading with innovative features.
X2Y2正在建立一个去中心化的NFT市场设计，旨在改善OpenSea的已知问题，并通过创新的功能提升交易体验。
Features:
Bulk listing: traders can list multiple NFTs in one transaction
Batch Purchasing: traders can bulk buy NFTs in one transaction
Rarity Integration: ability to browse NFT traits rarities without the need for third party extensions
Private Sale (OTC Trading): 0% market fee and royalty; can only be purchased by pre-specified wallet address
产品特点：
批量上市：交易员可以在一次交易中列出多个NFT
批量采购：交易员可以在一次交易中批量购买NFT
稀有度集成：能够浏览NFT特征及稀有度，而不需要第三方扩展
私下出售（场外交易）：免交易手续费和版税；只能通过预先指定的钱包地址购买
X2Y2’s Listing Process
X2Y2的上市流程
Their direction / Whats next:
Tools for NFT launches: X2Y2 provide creators a full set of tools to help better serve NFT whitelist minting and royalty management; provides real-time royalty payment at the moment of sales
Roadmap: Focused on marketplace features rather than OTC trading
Final Thoughts:
Satisfies the most basic needs of an OTC trading platform, P2P trading.
接下来的方向：
NFT发布工具：X2Y2为创造者提供一套完整的工具，有助于更好地服务NFT白名单铸造和版税管理；在销售时提供实时版税
路线图：主要关注市场功能，而非场外交易
最终设想：
满足场外交易平台P2P交易的最基本需求。
Does not have any outstanding features that make it stand out from its peers.
Suggestions would be to include a chat function within the platform to facilitate trades and negotiations;
没有任何突出的特性，使它从同行中脱颖而出。
建议是在平台内添加一个聊天功能，以促进交易和谈判；
This would also allow for multiple counterparties to make offers on the same trade
Furthermore, this might give an additional degree of security for purchasers, especially if they are negotiating on Twitter or other platforms, decreasing chances of being provided a phishing/scam link.
这也将允许多个交易对手对同一交易提出报价
此外，这可能会给购买者带来额外的安全性，特别是如果他们在推特或其他平台上谈判，减少了遇到网络钓鱼/诈骗链接的几率。
Has decent activity, about 1.3k - 1.5k DAU on the platform → greater discovery of trade listing.
有良好的活跃性，平台的DAU（日活跃用户量）大约为1.3k - 1.5k → 交易记录中的更多发现。
sudoswap.xyz
A teleological marketplace with zero swap fees, gas optimised - pay gas for approvals and swap, multi-asset - can trade ERC20, 721 and 1155 assets, non-custodial - assets never leave the wallet until swap accepted by both parties. Powered by 0x Protocol v2.
一个无交易手续费、gas优化的目标市场——支付gas以授权和交换，支持多种资产——可以交易ERC20,721和1155资产，非托管资产 - 直到双方接受交换，资产会离开钱包。由 0x Protocol v2驱动。
How it works:
Create a swap - Add asset(s) you have for asset(s) you want
Share swap code with trade partner to load swap
它的工作原理：
创建一笔交换-为您想要的资产添加供兑换的资产
与贸易伙伴共享交换代码以加载交换
SudoSwap’s “Create Swap” function
SudoSwap的“创建交换”功能
Their direction/whats next:
“The sudoAMM is a concentrated liquidity AMM protocol designed specifically for NFTs. Traders can enjoy low-slippage swaps between NFTs and tokens, and liquidity providers can better control the price ranges they LP for as well as set up dynamic buy/sell walls.” - gradual rollout throughout April
他们的方向/下一步是什么
“sudoAMM是一种专门为NFT设计的集中流动性AMM（自动做市商）协议。交易员可以享受NFT和代币之间的低滑点兑换，流动性提供者可以更好地控制他们做市的价格区间，并建立动态的买卖墙。”-将在整个4月份逐步推出
sudoAMM will utilize on-chain liquidity pools: anyone can create and trade with pools for any NFT
sudoAMM将利用链上的流动性池：任何人都可以为任何NFT创建流动性池并通过池子进行交易
Traders, like every marketplace, can:
“swap NFTs for ETH” or
“swap ETH for NFTs”
Liquidity Providers perform functions similar to other liquidity pools (i.e. on Uniswap), select price range to provide liquidity and deposit assets.
“deposit ETH and receive NFTs when traders swap with pool” or;
“deposit NFTs and receive ETH when traders swap with pool” or;
“deposit both ETH and NFTs to receive trading fees as traders swap with pool”
就像每个市场一样，交易员们可以：
“用NFT交换ETH”或
“用ETH兑换NFT”
流动性提供者发挥的作用类似于其他流动性池(即在Uniswap上)，选择价格范围来提供流动性和存入资产。
“当交易员通过流动性池兑换时，存入ETH接收NFT”或；
“当交易员通过流动性池兑换时，存入NFT获得ETH”或；
“存入ETH和NFT，在交易者通过流动性池兑换时收取交易费用”
Final Thoughts:
Fulfils the basic functionality of an OTC platform, being able to trade NFTs for NFTs / other tokens.
sudoAMM incentivizes LPs by separating price computations from token reserves. Unlike the constant product invariant, which causes pricing to worsen when fewer NFTs are left in the pool (and vice versa)
sudoAMM puts LPs in charge by allowing them to define exactly how their pool's price should vary.
adjust the price range they LP for (e.g. from [0.667 ETH, 1.5 ETH] to [0.5 ETH, 2.0 ETH])
adjust the current pool price (e.g. from 1 ETH to 0.75 ETH, buy/sell quotes automatically adapt)
adjust the fee % taken on buys/sells
Native NFTs are paired against ETH. No extra conversion overhead is needed.
最后的想法：
实现场外交易平台的基本功能，能够将NFT兑换为NFT/其他代币。
sudoAMM通过将价格计算与代币储备分离来鼓励流动性做市商。与常数积不变不同，当常数积不变的池中剩下更少的NFT时，它会导致价格恶化（反之亦然）
sudoAMM允许流动性做市商准确地定义他们池子里的价格应该如何变化，从而让他们自己负责管理。
调整他们池子里的价格范围（例如从[0.667ETH，1.5ETH]到[0.5ETH，2.0ETH]）
调整当前池子里的价格（例如，从1ETH调整至0.75ETH，买卖报价会自动调整）
调整买卖所得手续费的比例
本机NFT与ETH配对。不需要额外的转换开销。
Creation of liquidity pools replaces the order book with mathematical formulas for pricing assets and allowing for trade execution, enabling anyone to trade in a decentralised, trustless and transparent way.
Liquidity providers have access to multiple layers of earning opportunities
流动性池的创建用资产定价的数学公式取代了订单，并允许交易执行，使任何人都能以一种去中心化、无需信任和透明的方式进行交易。
流动性提供者可以获得多层的盈利机会
Question: what NFTs will be supported and what considerations are made to pick the NFT collections?
Purely blue chip NFTs?
High volume NFTs?
问：将支持哪些NFT，在选择NFT集合时要考虑哪些因素？
纯粹的蓝筹股NFTs？
高成交量的NFT？
trader.xyz
Trader.xyz is an easy way to trade your NFTs with friends. Users can instantly create a trade and send a link with their offers to securely settle the deal. With no platform fees and low gas costs. Secured by 0x Protocol v4.
Trader.xyz是一种与朋友交易NFT的简单方法。用户可以立即创建一个交易，并发送一个与他们的报价相关的链接，以安全地处理交易。没有平台手续费和较低的gas成本。由0x Protocol v4提供担保。
How it works:
Select token you want to trade (no need to manually input token address)
Input price (ETH, USDC, DAI) - other tokens and NFTs (WIP)
Create unique sharable link or allow only specific address to purchase - anyone with link can buy
它的工作原理：
选择要交易的代币（无需手动输入代币合约地址）
输入价格（ETH、USDC、DAI）-其他代币和NFT(WIP)
创建独特的可共享的链接或只允许特定的地址购买-任何人进入链接可以购买
Trader.xyz’s trade creation
trader.xyz的贸易创造
Their direction/whats next:
”We want Trader to become the end-to-end flow for trading your tokens with both friends and strangers in a secure and trustless way, whether it’s over-the-counter or through a marketplace or auction house. We believe that human-to-human interactions in a safe environment are the future of buying and selling items on the Internet.”
他们的方向/下一步是什么
“我们希望Trader成为以一种安全、无需信任的方式与朋友和陌生人交易代币的端到端流程，无论是场外交易，还是通过市场或拍卖行。我们相信，在安全环境中的人与人交互是在互联网上买卖物品的未来。”
More Robust Trade Settlements:
Currently only support NFTs to ERC20s, will soon support ERC20 to ERC20 and NFT to NFT.
Property-based orders: creating limit orders on collections with specific traits (e.g. Pay X ETH for BAYC with XX Trait); programmable liquidity
Orders kept on open order book off-chain via 0x orders → eventually transition into a liquidity aggregator (across exchanges like OpenSea, Zora etc.)
更稳健的贸易结算：
目前只支持NFT到ERC20代币，将很快支持ERC20到ERC20和NFT到NFT。
基于属性的订单：对具有特定特征的集合创建限制订单（例如，为具有XX特征的BAYC支付XETH）；可编程流动性
保留在0x订单的链下开放式订单簿上的订单 → 最终转换成一个流动性聚合器(跨OpenSea、Zora等交易所)。
Final Thoughts:
No platform fees (compared to OpenSea’s 2.5% platform fee + x% royalty for creator)
Seamless NFT trading between friends (ability to include specific address that can purchase NFT listed)
Looking to create liquidity for NFTs (introduction of property-based orders)
Looking to expand into multi-chain asset trading - cross chain interoperability
Unable to trade NFT for NFT, only ERC20 tokens available now
Open to social engineering scams, UI easily replicated; usage of hyperlink is dangerous, malicious parties can create a fake site with the same UI and trick other parties to connecting their wallet and allow access to the wallet.
最后的想法：
不收取平台费(与OpenSea2.5%的平台费+x%的创作者版税相比)
朋友之间的无缝NFT交易(能够包括特定的地址，能包括可以购买上市的NFT的特定地址)
寻求为NFT创造流动性（引入基于属性的订单）
寻求扩展到多链资产交易-跨链互操作性
无法用NFT交换NFT，现在只有ERC20代币可用
对社会工程诈骗同样开放，UI容易复制；使用超链接是危险的，恶意方可以创建一个具有相同UI的假网站，并欺骗其他用户连接他们的钱包，并允许访问钱包。
opensea.io
OpenSea, the largest NFT marketplace, announced on 20 May 2022 their new Web3.0 marketplace protocol for safely and efficiently buying and selling NFTs. The core smart contract is open source and decentralised,allowing builders to build upon the protocol similar to 0x Protocol.
最大的NFT市场OpenSea于2022年5月20日宣布了他们新的Web3.0市场协议，可以安全高效地买卖NFT。核心智能合约是开源的和去中心化的，允许构建者在类似于0x协议的协议基础上进行构建。
Features:
Buy/Trade: able to trade NFTs for NFTs or sell NFTs for ETH or any ERC20 Tokens.
Specific Criteria: when trading NFTs, buyers can set specific criteria that the NFT must have (e.g. if you want to trade your Punk for a Golden Bored Ape only, you can specify that, allowing only wallets with a golden ape to trade for your NFT)
Dutch Auction listing: you can set a start and end price and the duration of the auction to run (NFT listing will decrease in price until a buyer is found or it expires)
Tipping: the platform will support tipping (as long as amount does not exceed original offer)
特点：
购买/交易：能够用NFT兑换NFT，或出售NFT获得ETH或其他ERC20代币。
具体标准：在交易NFT时，买家可以设置购买NFT必须的特定标准(例如，如果你想用你的朋克换一只金无聊猿，你可以指定，只允许带有金猿的钱包参与兑换换你的NFT)
荷兰拍卖清单：你可以设置一个起拍价格和结束价格和拍卖的持续时间(NFT的报价会一直下降，直到找到买家或拍卖到期)
小费：该平台将支持小费（只要金额不超过原始报价）
What this means for the NFT OTC trading space:
Open Source Code: expect more and more NFT marketplaces that offer OTC trading to be built → more competition = better + faster innovation
NFT Summer 2.0? - this is something like a NFTs “Uniswap moment” (uniswap led to many forks and copycats across different chains, leading to massive growth and innovation in DEXs and DeFi)
这对NFT的场外交易领域意味着什么：
开放源代码：预计越来越多提供场外交易的NFT市场建立起来→更多的竞争=更好的+更快的创新
NFT Summer2.0？-这类似于NFT的“Uniswap时刻”(Uniswap引领了不同链上的许多分叉和模仿者，促进了DEX和DeFi的大规模增长和创新)
But 0x Protocol already exists? - similar to how ERC-721A contracts became mainstream. Azuki was not the creators nor the first project to utilise it, however they marketed it well, therefore everyone in the space recognised them as the trailblazers.
但是0x协议已经存在了吗？-类似于ERC-721A合同如何成为主流。Azuki并不是它的创作者，也不是第一个利用它的项目，但是他们把它推销得很好，因此该领域中的每个人都认为他们是开拓者。
A Look into NFT Finance
As the NFT space continues to mature, more great NFTs collections have been launched with some even becoming bluechip worthy competitors. However, as discussed in our previous article, the more NFTs we accumulate, the less liquid our portfolio. Therefore, there is an increasing demand for NFT financialization in order to achieve maximum capital efficiency.
让我们来看看NFT的金融状况
随着NFT领域的不断成熟，更多伟大的NFTs系列已经推出，一些甚至成为了热门且有价值的竞争对手。然而，正如我们在前一篇文章中所讨论的，我们积累的NFT越多，我们的投资组合的流动性就越差。因此，为了实现最大的资本效率，对NFT金融化的需求越来越大。
Our last report studied NFTfi through lending and borrowing protocols and drew similarities to mortgage loans, where users may lend or borrow money by using these low-velocity assets as collateral for loans. In that report, we concentrated on research related to such protocols, including pricing methods of collections and other forms of strategies depending on the counterparties. We also took a deeper look into P2Peer vs P2Pool lending platforms along with a comparison of key metrics amongst the listed projects.
我们的上一份报告通过借贷协议研究了NFTfi，并与抵押贷款有相似之处，用户可以使用这些低流动性资产作为贷款抵押来借贷。在那份报告中，我们集中研究了与这些协议有关的东西，包括收藏品的定价方法和其他根据交易对手方制定的策略。我们还深入研究了P2Peer和P2Pool贷款平台，并对列出项目的关键指标进行了比较。
In this report, we will deep dive into 4 protocols, Rentable, NFTfi.com, Pine Protocol and CEDAR Protocol that set out to pioneer the NFT finance movement by offering utilities to NFT owners in order to unlock additional value from their NFTs. Let's take a closer look at their features, roadmaps and competitive advantages…
在这份报告中，我们将深入研究4个协议，Rentable, NFTfi.com, Pine Protocol 和CEDAR Protocol，这些协议旨在开创NFT金融运动，通过向NFT所有者提供实际应用，以便从他们的NFT中解锁额外的价值。让我们仔细看看它们的特点、路线图和竞争优势。
Rentable Rentable V2, the recently released updated version, allows any platform to offer free-collateral and completely tokenized rentals with ZERO integration work. Renting NFTs on Rentable eliminates entry barriers for users while allowing owners to earn a dividend without the fear of liquidation. Making it composable allows for the unprecedented creation of new and creative use-cases.
Rentable V2，最近发布的升级版本，允许任何平台提供免费的抵押品和完全代币化的租赁与ZERO集成工作。在Rentable协议上出租NFT消除了用户的进入障碍，同时允许NFT所有者赚取股息而不担心清算。使其可组合化，前所未有地创造新的和创造性的用例。
Features:
Stake/Rent Out NFTs - NFT owners can “stake” their assets to earn a yield from renters whilst still maintaining ownership of their NFTs
Owners receive a oToken, a non-fungible token that serves as a unique proof of ownership and may be used to redeem the property
This oToken can be traded or used in any other protocol while rentals are on-going
Rent NFTs - allow users to rent from NFTs for various purposes:
Metaverse items: rent items, avatars etc. and use them in any metaverse that supports WalletConnect
Gated Experiences: rent NFTs to gain access to exclusive communities, alpha groups etc. (that is a collab.land tokenized community) and also experience all other perks of holding that NFT
Metaverse Parcels: aspiring builders can rent a piece of Metaverse land and start building instantly
特点：
质押/出租NFT-NFT的所有者可以“入股”他们的资产，从租赁者那里获得收益，同时仍然保持他们的NFT的所有权
NFT所有者会收到一个oToken，这是一种非同质化的代币，作为所有权的唯一证明，可用于赎回资产
这个oToken可以在租赁正在进行时进行交易或在任何其他协议中使用
租用NFT-允许用户为各种目的租赁NFT：
元物品：租赁物品、化身等。并在任何支持钱包连接的元版本中使用它们
封闭体验：租用NFT，以进入专属社区、阿尔法团体等。（这是一个合作的土地标记化社区），也体验了持有该NFT的所有其他福利
元宇宙：有梦想的建设者可以租一块元宇宙土地，然后立即开始建造
Renters match the owner's listing offer and receive a wrapper called wToken that operates and appears just like the original. wTokens disappear immediately at the conclusion of rentals and allow platforms to differentiate between owners and renters in order to personalise the experience.
租赁者与所有者的挂牌报价相匹配，并收到一个名为wToken的包装物，它的运作和表现和原来的一样。wTokens在租赁结束时立即消失，并允许平台区分所有者和租赁者，以实现个性化的体验。
Final Thoughts:
As there is no collateral, users may obtain premium NFTs for a fraction of their original cost for a period of time, reducing the high entry barriers of many games and platforms.
最后的想法：
由于没有抵押物，用户可以在一段时间内以原成本的一小部分获得优质NFT，从而减少了许多游戏和平台的高准入门槛。
Also, owners never lose ownership of their own NFTs → still entitled to any airdrops or initiatives that the project launches.
此外，所有者从不会失去自己的NFT的所有权 → 他们仍然有权获得任何空投或项目启动的优先权。
Lenders/Owners get paid directly from the rental of their assets at the rental price they have stated or listed at. It seems that there are no price mechanisms in place to determine the rental costs.
贷款人/所有者按其已声明或挂牌的租金价格，直接从其资产的租金中获得报酬。似乎没有适当的价格机制来确定租赁成本。
Owners can earn a passive yield on assets that might otherwise sit idle in their pockets, exceptionally useful for owners who might not have the time or interest to participate in the community or use the utilities associated with the NFT
所有者可以从那些可能闲置的资产中获得被动收益，这对那些可能没有时间或兴趣参与社区或使用与NFT相关的应用的所有者特别有用
Rentable is also scalable in that most, if not all, NFTs can be included.
They use a token wrapping mechanism that wraps the original NFT into their wToken replicating the metadata to work and look exactly like the original.
This wToken will then vanish at the end of the rental.
Rentable也是可扩展的，如果不是全部，大多数NFT也可以包括在内。
它们使用一种代币包装机制，将原始NFT包装到它们的wToken中，并复制元数据，使它工作，并看起来与原始NFT完全一样。
这个wToken将在租赁结束时消失。
Rentals maintain the scarcity of NFTs while expanding user access and extending platform audiences which would be great for creators and developers.
Rentals在保持NFT稀缺性的同时增加了用户访问，扩展了平台的用户，这对创造者和开发者来说是伟大的创举。
With their V2 launched, rentals can interact with any WalletConnect enabled dApps, requiring no integration efforts from the other party.
随着V2版本的推出，Rentals可以与任何启用了钱包连接的dapp进行交互，而不需要对方的整合工作。
In addition, they have done away with the wToken concept and introduced a smarter and easier way for renters to utilize their rented NFTs.
此外，他们已经放弃了wToken的概念，并引入了一种更聪明、更简单的方式来利用他们租用的NFT。
pine.loans
Pine Protocol is the underlying blockchain infrastructure for asset-backed loans. The Pine Platform is a decentralized marketplace for lenders and borrowers using non-fungible tokens (NFTs) as collateral for instant permission-less loans; built on top of the Pine Protocol. A P2Protocol Lending Platform.
Pine协议是资产支持贷款的底层区块链基础设施。Pine平台是一个去中心化的市场，供贷款人和借款人使用非同质化的代币(NFTs)作为即时无许可贷款的抵押品；建立在Pine协议之上的一个P2Protocol借贷平台。
Features:
Lenders set up Pine Lending Pools (PLPs) → PLPs are added to the Pine Loan Book, structured similar to an Order Book → When a loan obligation is opened, the NFT collateral is transferred to the borrower’s Pine Wallet with a lien on it and the loan amount is sent to the borrower.
特点：
贷款人建立Pine贷款池(PLPs)→PLP被添加到Pine Loan Book，结构类似于订单→当贷款义务开始履行，具有留置权的NFT抵押品转移到借款人的Pine钱包，贷款金额发送给借款人。
Each PLP is set up by a single lender, i.e. a single address on the blockchain
When setting up a PLP, a lender specifies NFT collection (e.g. a collection contract in ERC-721) that is acceptable as collateral.
The collection must have a live price from the Pine Pricer
Loan currencies
Default to the native layer-1 token, i.e. BAYC pool will lend out in ETH
Lenders fund PLPs after they are set up. The unutilized portion of the pool can be withdrawn anytime.
每个PLP都由一个独立的贷款人建立，即区块链上的一个地址
在建立PLP时，贷款人指定了可接受作为抵押品的NFT藏品(例如，ERC-721中的收藏品合约)。
收藏必须有来自Pine Pricer的实时价格
贷款货币
默认为本机第1层代币，即BAYC池将在ETH中借出
贷款人在PLP建立后为其提供资金。池中未使用的部分可以随时提取。
Borrowers can repay any portion of the loan obligation, including the loan amount and any accumulated interest, at any time. After repaying the whole loan requirement amount, the borrower regains full ownership and access to the NFT collateral in the Pine Wallet.
借款人可以随时偿还债务的任何部分，包括贷款本金和任何累计利息。在偿还应还的全部贷款后，借款人重新获得Pine钱包里的NFT的所有权和使用权。
When the borrower fails to repay the loan in accordance with the conditions or when the loan LTV exceeds the liquidation LTV, the loan obligation becomes delinquent. The lender now has complete access to the NFT collateral in the Pine Wallet.
当借款人未能按条件偿还贷款或当贷款LTV超过清算LTV时，贷款债务成为逾期欠款。贷款人此时完全拥有Pine钱包里的NFT的使用权.
Borrowers
Get loans using NFTs as collateral
借款人
使用NFT作为抵押品获得贷款
Term loans on Pine are structured as Loan with a Maturity Date where Borrowers have a Prepayment Option and Lenders does not have a Call Option
Pine上的定期贷款结构为带有期限的贷款，借款人有还款期权，而贷款人没有赎回期权
Instant loan meaning no back-and-forth with lenders, borrowers don’t need to negotiate with lenders → Less risk of being scammed
即时贷款意味着不与贷款人有来回往来，借款人不需要与贷款人谈判→减少被骗的风险
Receive your loan amount in another currency or blockchain different from your NFT’s native chain.
接收与NFT原生链不同的其他加密货币或区块链作为您的贷款。
NFT owner never loses access to the utilities of the NFT even when it is pledged as collateral for a loan → they can still access whatever DAOs, receive airdrops and participate in their communities
NFT的所有者永远不会失去NFT的所有权，即使它被承诺作为贷款的抵押品 → 他们仍然可以访问任何DAOs，接受空投并参与他们的社区
An example (from their whitepaper) of how Alice can buy an NFT for 80 ETH on OpenSea when she only has 50 ETH in her wallet:
一个例子（来自他们的白皮书），介绍爱丽丝如何在钱包里只有50ETH时，以80ETH的价格买到NFT：
Alice identifies a PLP that can provide a 30 ETH loan for this NFT on the Pine Platform
In one atomic transaction, Alice borrows 30 ETH from the PLP and combines that with her 50 ETH to make the total 80 ETH purchase on OpenSea. All three parts of the transaction must be completed in the same transaction.
Alice确定了一个PLP，可以在Pine平台上为这个NFT的30点提供ETH贷款
在一次原子交易中，Alice从PLP中借用了30个ETH，并加上她的50个ETH，在OpenSea上总共购买了价值80ETH的NFT。事务的所有三个部分都必须在同一个事务中完成。
Alice gets the NFT in a Pine Wallet and has a 30 ETH loan obligation with that PLP
爱丽丝得到了Pine钱包里的NFT，并负有来自那个PLP的30ETH的债务。
Their direction/whats next?
他们的方向是什么？
Decentralized credit scoring
去中心化信用评分
Using on-chain data to determine the credit rating for individual address
TradFi Gateway (hybrid TradFi and DeFi loan where the collateral factor would be higher than what pure DeFi could offer)
Decentralized lending and borrowing will likely have to be done in an over-collateralized way (i.e. at a low maximum collateral factor)
Our proposal to solve this problem is to add a gateway for borrowers to seamlessly add financing options (e.g. personal loan) from traditional finance providers (e.g. banks, money lenders, etc) to a DeFi loan obligation on the Pine Platform
Addition of multi-chain support - Solana, Binance Smart Chain, Polygon, Avalanche etc.
使用链上的数据来确定个人地址的信用评级
TradFi路径(TradFi和DeFi混合贷款，抵押系数将高于纯DeFi所能提供的)
去中心化的借贷可能必须以过度抵押的方式进行（即在较低的最大抵押系数下）
为了解决这个问题，我们的建议是为借款人增加一个门户，将来自传统金融供应商（如银行、放贷人等）的融资选择（如个人贷款）无缝地添加到Pine平台上的DeFi贷款义务中
添加多链支持-Solana, Binance Smart Chain, Polygon, Avalanche等链。
Final Thoughts:
Interesting way for investors or non-NFT people to gain exposure to the NFT market without having to bear the full risk of owning an NFT.
最后的想法：
让投资者或非NFT玩家获得NFT市场曝光的有趣方式，而不必承担拥有NFT的全部风险。
Creates more liquidity and allow great inflow of money into the NFT market
Allow NFT owners to unlock liquidity from the NFTs without losing ownership and enjoy all other benefits of being a holder.
创造了更多的流动性，并允许大量的资金流入NFT市场
允许NFT所有者在不失去所有权的情况下从NFT中释放流动性，并享受作为一个持有人的所有其他好处。
DeFrag.fi actually has an interesting insurance concept that might be worth exploring, where the protocol automatically insures your NFT assets with a financial instrument called a Put Option.
DeFrag.fi实际上有一个有趣的保险概念，可能值得探索，该协议会自动用一种叫做Put Option的金融工具为你的NFT资产进行保险。
In other words, to receive a loan against your NFTs, the protocol purchases insurance on your behalf via Put Options.
换句话说，为了靠你的NFT获得贷款，协议代表你通过Put Options购买保险。
One of their new features, “Pine Now Pay Later”, is actually a really interesting concept that I believe has been missing in the space.
他们的一个新功能，“通过Pine现在购买，以后支付”，实际上是一个非常有趣的概念，我认为在这个领域已经缺失了。
Buy Now Pay Later (BNPL) Concept: buying an NFT on leverage with a “mortgage-like” financing system
现在购买后支付(BNPL)概念：使用“类似抵押贷款”的融资系统通过杠杆购买NFT
Borrower gains full ownership of the NFT after the loan has been fully paid off
This opens up even more opportunities for both long-term NFT hodlers who just want to accumulate a collection but cannot afford to buy it, and NFT traders who want to degen into a "marginalized" NFT spot trade.
借款人在贷款已全部还清后，获得了NFT的全部所有权
这为那些只是想收集藏品但买不起的长期NFT持有者和那些想进入“边缘化”NFT现货交易的NFT交易员提供了更多的机会。
NFTfi is essentially a “marketplace” for NFT loans and the leading liquidity protocol for NFTs. They enable NFT owners to use their assets to get the liquidity they require by accepting secured wETH and DAI loans from peer-to-peer liquidity providers in a fully trustless way. NFT liquidity providers utilize NFTfi to generate lucrative returns or, in the case of loan defaults, to obtain NFTs at a significant discount to market value. A P2Peer Lending Platform.
NFTfi本质上是NFT贷款的“市场”，也是前沿的NFT流动性协议。它们使NFT所有者能够利用他们的资产获得所需的流动性，即通过完全无需信任的方式接受点对点流动性提供者提供的wETH和DAI抵押贷款。NFT流动性提供商利用NFTfi产生利润丰厚的回报，或者在贷款违约的情况下，以低于市场价格的显著折扣获得NFT。一个P2P借贷平台。
Features:
Borrowers - Receive wETH or DAI without selling your NFT
List NFT as collateral and get loan offers from users.
Once a lender accepts an offer, borrowers receive wETH or DAI liquidity from the lender's wallet into borrower’s.
The NFT gets transferred into an escrow smart contract for the loan duration. Repay the loan before it expires, and the NFT gets transferred back.
If borrower defaults, the lender can foreclose and receive the NFT. There are no auto-liquidations on NFTfi
Lenders - Receive great yield on assets lent or receive an NFT at a hugely discounted rate
特点：
借款人-无需出售你的NFT而获得wETH或DAI
将NFT列为抵押品，并从用户那里获得贷款要约。
一旦贷款人接受了贷款要约，借款人就会从贷款人的钱包中获得WETH或DAI的流动性。
NFT在贷款期限内转移到托管智能合约。在贷款到期前偿还贷款，然后NFT就会被转移回来。
如果借款人违约，贷款人可以取消抵押品赎回权并获得NFT。在NFTfi上没有自动清算
贷款人-通过出借资产获得巨大的收益，贷款或以巨大的折扣率获得NFT
Browse over 150 NFT collections (including CryptoPunks, Bored Apes, Art Blocks, Mutant Apes, VeeFriends, Autoglyphs, and the vast majority of other bluechips) and make loans on assets lenders are prepared to support.
浏览超过150个NFT收藏（包括CryptoPunks, Bored Apes, Art Blocks, Mutant Apes, VeeFriends, Autoglyphs和绝大多数其他蓝筹股），并向贷款人支持的资产提供贷款。
In the best-case situation, lenders will receive a substantial APR. In the worst-case situation, the borrower defaults, leaving the lender with an NFT at a considerable discount. Some lenders also provide "loan-to-own" financing solutions.
在最好的情况下，贷款人将获得一笔可观的年利率。在最坏的情况下，借款人违约，使贷款人以相当大的折扣获得NFT。一些贷款机构还提供“对自己贷款”的融资解决方案。
NFTfi’s pricing mechanism is user determined - this means that borrowers can list their NFTs for any price and it is up to the lenders to counter-offer or accept as per the listing. NFTfi does however offer price information of the collection from 1. OpenSea Floor Price and Previous Price Sold, 2. Valuation from Upshot, 3. Valuation from NFTBank. This pricing mechanism would definitely cause listed items on NFTfi to be skewed from open market prices, however, it does allow for negotiations between lenders and borrowers.
NFTfi的定价机制是用户决定的——这意味着借款人可以以任何价格列出他们的NFT，由贷款人根据清单进行驳回或接受。然而，NFTfi从以下几点提供了收藏品的价格信息：1. Opensea上的地板价和之前出售的价格。2. 估价结果，3。来自NFTBank的估值。这种定价机制肯定会导致NFTfi上列出的项目与公开市场价格相偏离，然而，它确实允许贷款人和借款人之间进行谈判。
The NFTfi service charge is 5% of the interest only earned by Lenders on successful loans. There is no service charge in the event of a loan default. Borrowers are also not charged a service fee.
NFTfi服务费是贷款人成功贷款的利息的5%。如果出现贷款违约，则不收取任何服务费。借款人也不收取服务费。
Their direction/whats next?
Loans against ERC1155 NFTs and ERC998 NFT bundles
Take out a loan against your collection of NFTs.
Unlimited duration loans: Taking the foot off the brakes vs. V1.
Loan extensions and renegotiations: Before and after loan expiry.
Loans on a pro rata basis: Current NFTfi loans have set payback levels. NFTfi proposes pro-rata loans as the first new loan type, allowing early repayments at interest rates proportionate to the effective loan period.
Listings with binding terms: Allows Borrowers to create Listings with “minimum viable terms” that can be automatically accepted by lenders.
Loan Obligation Receipts: In V1, lenders receive Promissory Note NFTs as a tangible representation of their loan. In V2, Borrowers also receive an NFT called an “Obligation Receipt”.
他们的方向是什么？
针对ERC1155NFTs和ERC998 NFT捆绑包的贷款
通过你的NFT集合借贷。
无限期限贷款：继续前进vs. V1.
贷款延期和重新谈判：在贷款到期之前和之后。
按比例发放的贷款：当前的NFTfi贷款已经设定了偿还水平。NFTfi建议将按比例发放的贷款作为第一种新的贷款类型，允许按与有效贷款期限成比例的利率提前偿还。
带有约束力条款的清单：允许借款人创建具有“最低可行条款”的清单，可被贷款人自动接受。
贷款义务收据：在V1中，贷款人收到本票NFTs作为其贷款的有形代表。在V2中，借款人还会收到一个被称为“义务收据”的NFT。
Final Thoughts:
NFTfi has proven to be a solid project with a great track record of successful loans on huge bluechip collections like BAYC, Doodles, Moonbirds, Otherdeeds etc.
最后的想法：
NFTfi已经被证明是一个稳固的项目，在BAYC, Doodles, Moonbirds和Otherdeeds等著名的蓝筹收藏品上有一些成功的贷款记录。
They have seen great month on month growth in terms of both borrowers and lenders;
在借款人和贷款人方面，他们的月环比都有大幅增长；
And boasts a total loan volume of over 59.3k wETH and 42.6m DAI
Making a comparison to BendDAO, also a non-custodial NFT-backed decentralized borrowing and lending P2Peer protocol
贷款总额超过59.3kETH和42.6mDAI
与BendDAO进行比较，后者也是NFT支持的去中心化借贷P2同行协议
NFTfi has a max LTV ratio of 50% compared to BendDAO’s 40%
In terms of the number of supported collections, NFTfi has BendDAO beat with over 150 collections compared to BendDAO’s 7 collections.
For price mechanisms, BendDAO utilizes Oracles and the TWAPs system while NFTfi gives lenders the ability to decide.
NFTfi的最大LTV（贷款价值）比率为50%，而BendDAO的最大LTV比率为40%
就支持的藏品数量而言，NFTfi击败了BendDAO，拥有超过150个藏品，而BendDAO有7个集合。
在价格机制方面，BendDAO利用了Oracles和TWAPs系统，而NFTfi给予了贷款人决定价格的能力。
NFTfi also has really great strategic partnerships with some of the biggest names in the NFT space, Flow and Animoca Brands.
NFTfi还与NFT领域的一些巨头、Flow和Animoca Brands有非常好的战略合作伙伴关系。
One area that NFTfi pales in comparison to Pine Protocol is in borrowers being able to retain “ownership” status even when NFT is being used as collateral
与Pine协议相比，NFTfi的一个不足之处是，即使NFT被用作抵押品，借款人也能够保留“所有权”
At the beginning of the loan, the NFT will be moved into an escrow smart contract → de facto owner of NFT during duration of the loan is the smart contract → no one, including NFTfi team, has access to the collateralised NFT
在贷款开始时，NFT将被转移到一个托管智能合同→在贷款期间，NFT事实上的所有者是智能合同→没有人，包括NFTfi团队，可以访问抵押的NFT
This means that borrowers will not be able to access the utilities of the NFT and/or receive any airdrops (depending on the airdrop mechanism).
这意味着借款人将无法访问NFT的应用和/或接受任何空投（取决于空投机制）。
Their user-determined and customisable pricing mechanism comes with a reduced time-to-liquidity and scalability since lenders and borrowers must wait until they strike an agreement.
它们的用户决定和可定制的定价机制减少了实现流动性的时间并增加了可扩展性，因为贷款人和借款人必须等到达成协议之后才能添加流动性。
CEDAR is building a Buy NFT Pay Later protocol, which can truly help these NFT enthusiasts enjoy both the appreciation and utility of the NFTs. CEDAR lowers the barriers to entry to accessing NFTs and helps NFT lovers access the NFT they want at a more affordable price. CEDAR also helps NFT projects build and expand their community sustainably.
CEDAR正在建立一个NFT先购买后付款的协议，这可以真正帮助这些NFT爱好者欣赏NFT并享受它们的效用。CEDAR降低了进入NFT领域的门槛，并帮助NFT爱好者以更实惠的价格获得他们想要的NFT。CEDAR还帮助NFT项目可持续地建立和扩大他们的社区。
Features:
How it works:
Pick an NFT
Make first down payment and immediately access all the benefits of the NFT.
Once the loan is paid off, the NFT goes to your wallet.
All NFT perks, including as play-to-earn, community events, membership privileges, token airdrops, and whitelist inclusion, are available immediately.
特点：
它的工作原理：
选择一个NFT
先支付首付款，并立即访问NFT的所有权益。
一旦贷款还清，NFT就会进入你的钱包。
所有的NFT福利，包括作为玩游戏赚钱，社区活动，会员特权，代币空投，和白名单名额，都是立即可用的。
Pricing Mechanism:
CEDAR has partnered with SPICYEST, a pricing and analytics platform for NFTs, to provide the most accurate price estimations for each NFT collection. As NFTs are used as collateral in the CEDAR lending protocol. A dependable and accurate NFT pricing feed is crucial for managing risk associated with price volatility and market variations. This is when SPICYEST enters the picture.
定价机制：
CEDAR已经与SPICYEST的合作，一个NFT定价和分析平台，为每个NFT藏品提供最准确的价格估算。因为NFT在CEDAR贷款协议中被用作抵押品。一个可靠和准确的NFT喂价机制对于管理与价格波动和市场变化相关的风险至关重要。这就是SPICYEST进入的时期。
CEDAR will collaborate with SPICYEST to determine the eligibility, risk parameters, and health factor for each loan in the NFT collection. The SPICYEST machine learning model takes and processes data from numerous sources. The Spicy Estimates are then created by using data from traits, listings, and previous sales.
CEDAR将与SPICYEST合作，确定每笔NFT抵押贷款的资格、风险参数和健康因素。最复杂的机器学习模型从许多来源获取和处理数据。然后，利用特征、列表和以前的销售数据来创建Spicy Estimates 。
Final Thoughts:
CEDAR’s partnership with SPICYEST is definitely great especially when it comes to providing accurate price estimates for NFT collections.
最后的想法：
CEDAR与SPICYEST的合作绝对是伟大的，特别是当涉及到为NFT藏品提供准确的估价。
This would allow for greater risk management for both LP and borrowers.
CEDAR, however, might not be able to capture that great of a market share with just their BNPL protocol.
CEDAR does not have a great competitive advantage over other projects like Cyan or Pine Protocol
这将允许对LP和借款人进行更大的风险管理。
然而，CEDAR可能无法仅仅通过他们的BNPL协议就能获得那么大的市场份额。
CDEAR相比于Cyan或Pine等协议没有一个很大的竞争优势
But at first glance, comparing CEDAR and Pine Protocol, both are offering the same service but as Pine also offers other NFT finance solutions (lending and borrowing), we can expect that they would experience greater traffic and discovery of their product by the community.
但乍一看，比较CEDAR和Pine协议，两者都提供相同的服务，但由于Pine也提供其他的NFT金融解决方案（借贷），我们可以期待他们会获得更多的流量和更多的社区发现他们的产品。
The whole concept of BNPL is definitely intriguing and definitely worth a look at especially for collectors who want to enjoy all the benefits of owning the NFT but want to free up liquidity for other collections; or even for those starting out and might not have enough liquidity to fully purchase an NFT from their favourite collection
Would be essential to learn more about CEDAR’s future plans before coming to a conclusion
BNPL的整个概念绝对是有趣的，绝对值得一看，特别是对于那些想要享受拥有NFT的所有好处，但想要释放流动资金给其他收藏的收藏家来说；甚至对于那些刚开始可能没有足够的流动性从他们最喜欢的藏品中全额购买NFT的人来说
在得出结论之前，必须进一步了解CEDAR的未来计划
Conclusion:
What kind of NFT OTC product does the market really need?
The market needs an NFT OTC product that can satisfy 3 essential factors
结论
市场真正需要什么样的NFT的OTC产品？
市场需要一种能够满足3个基本要素的NFT OTC产品
Security: collectors would definitely prioritise the security of every trade; transactions that are not susceptible to malicious attacks and able to safeguard against potential scams.
安全：收集者肯定会优先考虑每一笔交易的安全性；不容易受到恶意攻击和能够防止潜在的诈骗交易。
Costs/Fees: Gas prices, for example, should absolutely be optimized and kept to a minimum.
成本/费用：例如，gas价格应该得到优化，并保持在最低限度。 Royalty issue: certain projects rely on royalties generated on every sale to continue building and growing; if OTC trading is used, these projects will be unable to earn the royalty, potentially affecting their growth. My solution: enable collectors to choose the percentage of royalties they want to donate to the community. While this is not a perfect technique, it would allow collectors who are deeply committed to a project to partake in the royalty system.
版税问题：某些项目依赖于每笔销售所产生的版税来持续建设和增长；如果使用场外交易，这些项目将无法获得版税，这可能会影响它们的增长。我的解决方案是：让收藏家可以选择他们想要捐赠给社区的版税的百分比。虽然这不是一个完美的技术，但它将允许那些深耕一个项目的收藏家参与版税系统。
Cross Chain Interoperability: with NFTs being more popular in chains like Solana, NEAR etc, I believe that cross chain compatibility would definitely attract collectors that want to gain exposure to NFTs in other chains.
跨链互操作性：随着NFT在Solana、NEAR等链中更受欢迎，我相信跨链兼容性肯定会吸引那些想要在其他链中接触NFT的收集者。
Although existing NFT OTC products have met the basic needs of the majority of NFT collectors who have adopted OTC trading. The fundamental requirements include the ability to exchange NFTs for other NFTs (for example, Mutant Ape for 2x Azuki) and simply selling their NFTs for other tokens like ETH, USDC, or DAI without incurring hefty fees.
虽然现有的NFT场外交易产品已经满足了大多数采用场外交易的NFT收藏家的基本需求。基本要求包括能够将NFT兑换成其他NFT(例如，Mutant Ape兑换成2x Azuki)，以及简单地将他们的NFT出售换成其他代币，如ETH、USDC或DAI，而不产生高额手续费。
I believe that as the NFT space matures into a more sophisticated asset, the demand for OTC trading platforms will alter; a platform that can meet all market expectations now may be inadequate in the future.
我相信，随着NFT领域成熟为一种更复杂的资产，对场外交易平台的需求将会改变；一个现在能够满足所有市场预期的平台在未来可能不够。
How will NFT Finance continue to grow and benefit the NFT space?
As prominent projects like BAYC, Sandbox, and many more continue to release new content and projects in the space, we should expect to see more NFT financialization primitives and a narrative shift toward NFT lending and borrowing protocols. We should also expect a higher infusion of money, particularly from DeFi natives looking to capitalize on the lucrative yields given by some of these protocols. This would result in more liquidity in the NFT market, allowing for more consistent growth projections in the years ahead.
NFT金融将如何继续发展并造福于NFT领域？
随着BAYC、Sandbox等知名项目继续在该领域发布新的内容和项目，我们应该会期待看到更多的NFT金融化原始作品，以及向NFT借贷协议的叙事转变。我们还应该期待更多的资金注入，特别是来自DeFi原生团队的投资，他们期望利用这些协议带来的丰厚收益。这将导致NFT市场产生更多的流动性，使未来几年的增长预测更加一致。
In terms of NFT rental protocols, this may be a significant market for GameFi enthusiasts. Collectors of GameFi NFT assets now have a more sustainable manner of loaning out their assets as the GameFi narrative swings away from the unsustainable guild structure. This might give players with a lower barrier to entry for all of the AAA titles that are set to release this year.
就NFT租赁协议而言，这可能是GameFi爱好者的一个重要市场。随着GameFi的叙述脱离了不可持续的行会结构，GameFi NFT资产的收藏家现在有了一种更可持续的方式来借出他们的资产。这可能会给玩家为今年即将发行的所有AAA级游戏提供较低的进入门槛。
E.g. Instead of needing to completely commit and purchase an NFT for 2 ETH to begin playing, gamers could rent one for 0.2 ETH for X amount of time to test out the game and determine whether it is worthwhile to acquire one after that.
例如，玩家不需要完全提交和购买一个NFT来开始游戏，玩家可以以0.2 NFT租一个NFT，花费未知的时间来测试游戏，并确定之后是否值得购买一个。
How can new builders develop a better product than current peers?
Some of the most challenging issues in developing the "ideal" NFTFi product, particularly with relation to the Lending, Borrowing, and Rental protocols, are the valuation of NFTs and understanding the liquidity slippage for NFT-AMMs. In terms of collection valuation, various projects such as CEDAR have created strategic partnerships with pricing systems in order to provide its users with the most accurate real-time prices. Such collaborations would allow new protocols to focus on their core offering while remaining confident in the valuation of NFTs for their users. In terms of liquidity slippage, NFT-AMMs must devise a formula distinct from DEXs such as Uniswap, especially when dealing with high volatility and low liquidity assets such as NFTs.
新的建设者如何才能开发出比当前的同行更好的产品呢？
在开发“理想的”NFTFi产品时，一些最具挑战性的问题，特别是与贷款、借贷和租赁协议相关的问题，是对NFTs的估值和理解NFT-AMMs的流动性滑点。在藏品估值方面，CEDAR等各种项目已与定价系统建立了战略合作伙伴关系，以便为用户提供最准确的实时价格。这种合作将使新协议能够专注于其核心产品，同时让用户对NFT的估值保持信心。在流动性下滑方面，NFT-AMMs必须设计出一个不同于Uniswap等DEXs的算法公式，特别是在处理NFT等高波动性和低流动性资产时。
Furthermore, these platforms may be used in conjunction with other NFT technologies to provide even more value-added services. Consider NiftyMate from Numeus.xyz, an NFT pricing engine that enables collectors in calculating the most realistic "fair price" for their beloved jpegs. A service like this would allow first-time buyers to precisely estimate the price of an NFT with a certain attribute, making the NFT market less intimidating when making their first purchase. This would provide collectors as much information as possible before making a purchase.
此外，这些平台可以与其他NFT技术结合使用，以提供更多的增值服务。想想来自Numeus.xyz的NiftyMate，这是一个NFT定价引擎，它能让收藏家为他们心爱的jpeg计算出最真实的“公平价格”。像这样的服务将允许首次买家精确地估算具有某种属性的NFT的价格，这使得NFT市场在买家第一次购买时不那么吓人。这将在购买前为收集者提供尽可能多的信息。
As for NFT OTC trading, I anticipate that more builders will use the new Seaport Protocol, which will increase security and creativity in the NFT OTC market. The incorporation of basic features such as the ability to verify the validity of the NFT would protect users while engaging in transactions.
至于NFT场外交易，我预计将有更多的建设者使用新的海港协议，这将提高NFT场外交易市场的安全性和创造力。结合基本功能，如验证NFT有效性的能力，将在进行交易时保护用户。
One of the most significant use cases I see for NFT OTC trading is in GameFi. The exchange of gaming assets (equipment, accessories, weapons, etc.) between players, comparable to the trading system used in Web2.0 games such as MapleStory and RuneScape. Traditional games let players exchange any in-game assets or items for other items or even in-game money. These trades were often low-cost, if not free; it was a primitive but effective technique of moving assets between players.
我看到的NFT场外交易最重要的用例之一是GameFi。游戏资产（装备、配件、武器等）玩家之间，可与Web2.0游戏系统中使用的MapleStory和RuneScape这些交易系统相媲美。传统的游戏允许玩家将任何游戏内的资产或物品交换为其他物品，甚至是游戏内的金币。这些交易通常是低成本的，或者免费的；这是一种原始但有效的在玩家之间转移资产的技术。
With the narrative turning to MMORPG games such as Treeverse and Embersword, the desire for a quick, low-cost, and secure exchange of NFT assets will increase. Hence, platforms wishing to expand their services in terms of NFT OTC trading may consider collaborating with GameFi projects to either incorporate their services within the game or become an official platform where players may trade their assets.
When it comes to merging NFT Financing and OTC trading strategies with the development of the Metaverse / GameFi projects, the possibilities are endless. I have no doubt that we will see increasing adoption by NFT natives in the next months/years. And I'm looking forward to seeing more innovation that will take the NFT market to higher highs.
随着《树木树》和《帝国之剑》等MMORPG游戏的发展，人们对快速、低成本、安全的NFT资产交换的渴望将会增加。因此，希望在NFT OTC交易方面扩展其服务的平台可以考虑与GameFi项目合作，将他们的服务整合到游戏中，或者成为玩家可以交易其资产的官方平台。
当我们将NFT金融和场外交易战略与元宇宙/GameFi项目的发展相合并时，可能性是无限的。我毫不怀疑，在未来的几个月/几年里，我们将看到这些策略被越来越多的NFT原生团队所采用。我期待着看到更多的创新，把NFT市场推向更高的高度。
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原文链接：
作者：Alastail(OFR研究员）
译者：SoloClover
Twitter：https://twitter.com/ZhiyuanQi