X2Y2 Launches Lending NFT Feature With 0% Fees

X2Y2, the NFT exchange that reached $143 million in trading volume in the past month, has launched the Lending NFT feature. To attract users, the exchange said it would not charge any fees.

Lenders can offer loan conditions with different terms to optimize the use of their ETH. This is very different from existing lending platforms, where users need to bid using different accounts, which doesn’t work.

In addition, the lender can make loan offers by collection or by a specific NFT. In addition, the lender may cancel the offer individually or in its entirety. And especially, X2Y2 will not collect additional fees within the lending feature.

On the borrower side, they can use their NFT as collateral to borrow ETH. After choosing a loan offer, their NFT is locked on the platform, and they receive ETH from the lender. Borrowers must repay the loan early to avoid default and loss of NFT.

One thing to keep in mind is that only NFTs screened and not flagged as stolen on any marketplace will be accepted as collateral. The current list of whitelisted NFT collections includes hit names like Bored Ape Yacht Club (BAYC), Azuki, and Moonbirds.

Last month, X2Y2 briefly made royalties optional on its platform, which caused an uproar in the community. The marketplace was forced to walk back its decision.

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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