Lending platform arcade_xyz has launched in a bid to bring liquidity to the Ethereum NFT market. elitanjourno reports
The platform is a peer-to-peer marketplace that allows users to access fixed-rate loans collateralized by their Ethereum-based NFTs, using an escrow system.
Arcade says it has more than $15 million locked up in blue chip NFTs and $6 million in loan volume, with average loans of about $350,000, a representative told CoinDesk. funding round in December that was led by Pantera Capital. “Right now, most of the value is locked up in the top 1% of assets, so the platform is curated to certain collections,” Arcade CEO Gabe Frank told CoinDesk in an interview. “Once we start integrating layer 2s and other blockchains, we can get into some of the lower value assets. Just because ofNFT resilience
Arcade’s launch comes at a time when confidence in blue chip NFT projects has never been higher. Despite an overall market downturn in recent weeks, the floor price for projects like
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