Cyan — the first "buy now, pay later" service for the metaverse. The goal - to make the NFT and all the assets of the metaverse, available to everyone. Choose to finance your purchase within three months or get a secured loan against your existing NFTs. If you have ETH to stake, you can place it in vaults to generate income.
What is special about Cyan?
Cyan - a DeFi protocol that matches users with NFT leverage and those seeking yield by staking Ethereum in Cyan vaults. When users launch a new BNPL plan, they pay an initial deposit of 25% and borrow the rest to purchase NFTs. This is 75% LTV, with which the purchased underlying NFT becomes collateral for the loan. Cyan Vaults claims the purchased NFT in case of default.
Other features:
| 1. | Cyan allows users to purchase NFT today and redeem the balance within 3 months. |
| 2. | Users make 4 equal payments, the first of which must be paid at the start of the plan as a down payment. Payments are made every 31 days. |
The collateral allows users to receive liquidity upfront for temporarily placing their NFTs as collateral. In other words, users can borrow money against their NFTs! Up to 33% of the NFT value can be unlocked. Users will repay the amount, borrowed within 3 months, in equal installments every 31 days. Select your NFT for collateral in the tab. You can use the menu on the left to filter by collection if you're an amateur and have too many. Then click on the NFT to see the Pawn menu and confirm the details.
The main criteria are the creditworthiness of the user and the quality of the NFT. Residual volume, volatility, market depth, number of transactions, community stability and ownership distribution are some of the characteristics that define the quality of an NFT.
Monthly payments
For both BNPL (buy now, pay later) and Pawn plans, payments are made every 31 days. To make a payment on your plans, go to the BNPL or PAWN tabs and find the plan in your positions. Just click on the plan and a pop-up window will show you the details of the plan. You can make a payment here. Payment terms are in local time zones, so they will match your device settings.