NFTfi — a simple marketplace for NFT collateralized loans. Place your NFT assets as collateral for a loan or offer loans to other users on their tokens.
Contents:
- Brief description of the NFTfi project
- Why does blockchain platform use WETH?
- Ethereum resource security
- What else should you know about dapp?
Brief description of the NFTfi project
NFTfi — an Ethereum platform that provides the ability to take loans. This allows borrowers to invest in a loan and lenders to offer loans in exchange for interest. If you go to the borrowing tab on the site, you will see all of your own listed NFT assets. To credit an asset, simply click on one of your assets and click “list as collateral”. Your NFT will be visible to other users in the loan market and can receive offers.
As soon as one or more other users offer you a loan for this asset, it will change color to blue. If you click on an asset, you can accept a loan. Acceptance of the offer results in your NFT being blocked in the contract as collateral and the loan will be transferred to your wallet as WETH. Your NFT will display in yellow on the Borrow screen, indicating an escrow.
How to get a loan:
| Step 1 | Make sure you have wETH in your wallet and that you have signed an authorization, allowing NFTfi to manage your wETH. |
| Step 2 | Click on the "Borrow" tab in the upper right corner. You will see all NFTs, listed as collateral for loans. |
| Step 3 | Find the NFT you want to bid for. Click on this asset and fill in the loan amount. |
| Step 4 | Submit your proposal and wait for the borrower to accept it. |
Once the borrower accepts the loan, the deduction will be deducted from your wallet and the borrower's NFT will be blocked by escrow in the contract. To repay the NFT, the borrower must repay the entire repayment amount.
Why does blockchain platform use WETH?
Wrapped Ether has several advantages in the context of NFTfi. WETH is ERC20, and unlike the ETH standard, ERC20 allows the token holder to grant other Ethereum accounts permission to use their tokens.
This also means that developers can move WETH during the initial loan and pay off the loan process. Lenders can make several offers for loans at different NPFs with the same balance, which reduces the need for liquidity and increases the efficiency and usefulness of the platform.
Ethereum resource security
Your NFT is held in escrow in the contract for the duration of the loan. The lender does not have access to it. The only way to lose your asset is if you don't pay off the loan on time and the lender decides to take advantage of the foreclosure option. The contract was drawn up by a team with experience in several projects, involving packaged NFTs, and was confirmed by several external developers in private audits.
What else should you know about dapp?
If the borrower does not repay the loan on time, the asset becomes available for collection by the lender. You, as a lender, do not need to give up the foreclosure right away, but if you do, the NFT will be transferred to your account and you will drop your claim for the outstanding loan amount. This is called a non-recourse loan.
The site lacks White Paper and RoadMap, however, there is some information about the project. Join social networks:
By subscribing, you will always stay up to date with the latest news and updates. The smart contract has not been audited.