Introduction For several years now, Non-Fungible Tokens (“NFT”) have been growing in popularity. These scarce and unique blockchain-recorded crypto assets have already seen many use cases ranging from collectibles, gaming experiences, to licenses. Recently, the list has been expanded by another category: NFTs used as collateral in lending transactions. In February 2022, an anonymous person borrowed an $8.32 million secured by their collection of 104 CryptoPunks. It was the largest NFT-backed ...