Non-Fungible Tokens (NFTs) were not
NFTfi is a peer to peer lending protocol. This means that each loan agreement is between two indivdiuals that agree to a deal. Person A lists their NFT as collatral and other place bids offering a value in either WETH or USDC with a percentage interest rate. The NFT holder can then select from a range of offers and accept the most appropriate for them.
Once a loan starts it is locked in for the full period of the loan unless the original NFT holder pays the full amount for the original specified length of the loan, meaning there are no discounts for early repayments. If they fail to pay back the loan before the expiry date, then the NFT is transferred to the loan funder.
Note: NFTfi recently announced a points reward system with the potential to convert to tokens at a later date. If you have used the system before April 13th 2023 you may be eligible for "OG Points" which are redeemable until May 15th 2023. They have also announced the ability for newcomers to earn points with "Season One" starting on May 15th 2023. If you are the kind to speculate on Airdrops, this might be a good time to investigate their platform.
This was one of the first NFT lending platforms to gain traction. It offers peer-to-pool lending. This means that users
Blur is an NFT marketplace that has been set up to challenge the dominance of OpenSea. After a succesful launch, it hosted a series of challenges e.g. buying, listing and trading NFTs on its platform to earn Blur points which could be converted to tokens. However, on May 1st 2023 it announced that it now features a lending platform for NFT traders. Just like it's previous feature releases, it is now offering bonus points for those using its lending services, which should be redeemable for Blur tokens. One quirk of this is that people farming for the airdrop are offering loans, often at 0% interest so it could be interesting for some short term scenarios.
At launch Blend, which is what they are calling the lending service, is only available on three collections; Azuki, Milady Maker, and Wrapped Cryptopunks.
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