This month, a project called Nftfi has facilitated roughly $25.6 million in NFT loans.
While non-fungible token collectibles have become a hot commodity over the last 12 months, a number of NFT owners are taking loans out against their NFTs. This month, a project called Nftfi has facilitated $25.6 million in NFT loans so far, and last month the lending marketplace recorded nearly $50 million in NFT loans.NFTs have become a billion-dollar industry during the last year and a popular blockchain technology use case.
Even though sales have slid in recent times amid the crypto market downturn, NFTs are still selling for hundreds of thousands and even millions of dollars per digital collectible. In addition to the NFT sales and auctions, NFT owners are also loaning their digital collectibles for access to liquidity. For instance, a decentralized finance platform calledIn the last week, the peer-to-peer marketplace for NFT collateralized loans recorded four loans for more than $100K or more each.