Nexo, a cryptocurrency lender, has launched an NFT lending desk.

Nexo, a blockchain-based lending platform, announced the introduction of a non-fungible token (NFT) lending desk on December 16. While the firm formerly provided crypto-backed loans utilizing tokens like as bitcoin and ethereum for fast funding, the cryptocurrency lender now provides instant liquidity to NFT holders who do not wish to sell their NFTs.

The company has announced the creation of a loan desk devoted to providing liquidity to NFT owners who use their NFTs as collateral.

The cryptocurrency lender writes on its blog that NFT owners may access “instant liquidity without having to sell your precious NFTs.” The company is now taking NFTs from two collections: Bored Ape Yacht Club and Cryptopunks. Nexo adds that further collections will be added to the list of acceptable NFTs in the future. Nexo clients can withdraw credit in the form of stablecoins, ethereum (ETH), and other digital assets.

The platform stated:

“Borrow up to 20% of the value of your BAYC or Cryptopunks without selling them. No Credit Checks prompt loan approval without the hassle of credit scores and inquiries.”

The platform claims that the NFT lending procedure will be white-glove, and there will be no liquidations before maturity; even if the value of your NFT varies throughout the loan, the users will not be liquidated.

Seeing how the NFT lending desk will be an over-the-counter (OTC) service, loan applicants need to fill out a specialized form. Essentially, an NFT owner would apply, fill out a form with their specific NFTs ID number, and then wait for a Nexo representative to contact them.

“Our NFT Lending Desk and art financing functionalities are just the beginning of Nexo’s NFT and metafi journey, with more investment-grade products, accessible, secure, and high-profit exposure to the NFT market coming to our product suite soon,” Nexo’s announcement concludes.

The company’s release adds:

“Our NFT Lending Desk and art financing functionalities are just the beginning of Nexo’s NFT and metafi journey, with more investment-grade products, accessible, secure, and high-profit exposure to the NFT market coming to our product suite soon,”

Patrick

Coincu News