High-quality NFTs are expensive. Cyan is lowering the hurdle to entry, so in the Metaverse, “You will own NFTs, and be happy”.
Prodct Categories: NFT Lending Dapps
Revest finance is an NFT lending DAO on the Ethereum network. The protocol allows for the packaging, transfer, and storage of fungible ERC-20 tokens as non-fungible tokenized financial instruments. Users can trade ownership off assets without affecting their value, leading to a new meta-layer of commerce.
BendDAO is an NFT lending service that originally allowed users to take loans of up to 40% of their collateral. A recent liquidation crisis has led to a vote tolower the liquidation threshold and make it easier for exchanges to go through.This also enticed lenders to stay put with a higher interest rate. The protocolsupports instant NFT-backed loans, Collateral Listing, and NFT Down Payment.Borrowers also have a 24-hour liquidation protection period to repay the loan.
Liqd is an NFT marketplace that allows for lending and borrowing of blue chip NFTs. Borrowers set their own loan terms and durations and can borrow in either in crypto or stablecoin. Lenders also set their own terms, and are given blue chip NFTs as collateral for their liquidity.
The JPEG’d protocol has a primitive, non-fungible debt position (NFDP), which operates similarly to other NFT lending protocols. Select collections are addedbased on their liquidity and market capitalization. Users deposit their NFT intoa smart contract to mint a synthetic stablecoin, $PUSD. The user can use thatstablecoin for other opportunities while their NFT remains on the platform.Users are permitted to take out a debt position as large as 32% of thecollateral value.
Llama Lend allows users to borrow ETH by collateralizing smaller NFT collections that are outside of the main markets. The interest rate is fixed at the creation of the loan is determined by pool utilization rates. Once the NFT is given, 1/3 of its values is provided in ETH. They then have two weeks to repay the loan and will only be charged interest for the time used.
Taker is the first protocol to provide pool-based solutions for NFTs. Their CuratorDAO provides efficient and accurate pricing for NFTs put into the pool. Loan conditions, such as duration and APR, are bundled with the loan amount so that users no longer need to spend time on negotiation. These terms can be adjusted through DAO governance.
Astaria is an NFT platform that allows users to access liquidity. The program employs an appraisal system where a term sheet is written about the NFT, and an appraiser decides how much can be lent against it, as well as the interest rate. Lenders can then choose loans from the pool of available ones. The platform is unique in that it does not mandate two way approval before a transaction begins.
Sodium is an Ethereum lending Dapp that uses both peer to pool and peer to peer lending. Lenders can provide liquidity according to their own risk-rewardtolerance, while borrowers can choose the loan offers that best suit theirneeds. Sodium accepts whitelisted NFTs from both ERC-721 and ERC-1155 standardsas collateral.
Pine allows users to purchase NFTs with mortgages, with a buy now, pay later system. These NFT owners can get loans on over 30 different NFT collections. The protocol also allows for classic permissionless borrowing and lending. Users do not lose access to NFT utilities even as they are pledged collateral.