X2Y2 Launches Peer-to-Peer NFT Loan Functionality

NFT marketplace X2Y2 launched peer-to-peer NFT loan functionality. Users with whitelisted project NFTs can borrow ETH by staking NFTs to free up liquidity in NFT assets. Lending can be priced differently based on the rarity of NFTs.

Holders of Bored Ape and Azuki can now unlock liquidity from the Apes and Azuki which users are diamond handing through X2Y2’s P2P NFT loan feature, according to the platform:

In addition, X2Y2 said that NFT can be used as collaterals needs to meet the following requirements:

• The NFT collection is in the whitelist (BAYC, Azuki, Doodles, Otherdeed for Otherside, etc.)
• The NFT is not marked as stolen or removed on X2Y2 or other markets(e.g. OpenSea)
• The NFT has received valid loan offers, (which means some lenders want to lend you ETH).

The platform says the collection whitelist is set up to reduce the risk of highly volatile collections, and more collections will be added to the list in the future.

“The collection whitelist is set up to reduce the risk of highly volatile collections. We will gradually add more collections to the list. You can contact us to add your collections to the whitelist.”

There are two sorts of loan offers based on the target types:

• The collection offers to apply to all goods in a single collection. Anyone who owns one of the items in the collection is eligible to accept the collection offer.
• Item offers to apply to a single item. Only the item’s owner might accept the offer.

If the user does not repay the loan when it is due, the loan becomes Defaulted after the term. Users will never be able to repay their loan and get their NFT back through X2Y2 and the lender will be able to get the NFT back into their wallet, according to X2Y2.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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