NFTfi — a simple trading platform for NFT loans. It allows borrowers to invest in loans and allows lenders to offer loans in exchange for interest.
Contents:
- Brief information about the NFTfi project
- How to get a loan?
- What else should you know about the project?
Brief information about the NFTfi project
Place your NFT assets as collateral for a loan or offer loans to other users on their non-exchangeable tokens. Other users can offer you a loan now. If you accept the loan, you get ETH from the lender's account, and the NFTfi smart contract blocks your NFT. After you repay the loan, you will receive your asset back.
Look through your favorite NFTs such as Gods Unchained, Decentraland, Cryptovoxels, Cryptokitties or any other and offer loans for assets that you will be happy to repay. Small short-term loans to other people can provide you with a profit. Make sure that you have assets for which you offer loans and get bail if the lender does not fulfill his obligations.
How to get a loan?
If you go to the borrowing tab on the site, you will see all your own NFT assets in the list. To put an asset on credit, simply click on one of your assets and click on “List as collateral”. Your NFT will appear on the market and may receive offers now. As soon as one of the users offers you a loan for this asset, it will change color to blue. If you click on the asset, you can accept the loan. After accepting the offer, your NFT will be blocked in the contract as the collateral, and the loan will be transferred to your wallet as WETH. Your NFT will be displayed in yellow on the “Borrow” screen now, which indicates escrow.
To repay a loan:
- click on the NFT, and then the yellow button;
- make sure that there is enough money in your wallet to complete the transaction;
- you also need to make sure that you have granted NFTfi permission to manage your WETH, otherwise the transaction will fail.
You can get detailed information about the project through the blog on the Medium site, as the developers don’t provide White Paper and RoadMap. Also, join the community on Twitter to stay up to date with all news. The audit of the smart contract, has not been conducted yet.
What else should you know about the project?
If the borrower fails to repay the loan on time, the asset becomes available for collection by the lender. You, as a creditor, do not need to give up the right of redemption immediately, but if you do, the NFT will be transferred to your account and you will waive your claim, regarding the outstanding loan amount. This simple contractual arrangement allows lenders and borrowers to interact in a safe and decentralized manner.
How to get a loan to other users:
| Firstly | Make sure that you have wETH in your wallet and that you have signed the permission, allowing NFTfi to manage your wETH. |
| Secondly | Then go to the “borrow” tab in the upper right corner. Here you will see all NFTs, listed as collateral for loans. |
| Thirdly | Find the NFT you want to make an offer for. Click on this asset and fill out the loan amount, repayment amount and loan duration. |
| Fourthly | Submit your offer and wait for the borrower to accept it. |
As soon as the borrower accepts the loan, the amount will be deducted from your wallet, and the borrower's NFT will be blocked by escrow in the agreement. To repay NFT, the borrower must repay the full amount.