Borrow Crypto with Your NFT Really Works? Data Won’t Lie
Suppose you have bought a valuable Sandbox land, you definitely won’t sell it for short, as you know the auction price might keep going up. So how to earn from your NFT while still holding it in hand?
You could put your NFTs up as collateral for a loan, or make a loan to others and get interests from an NFT + DeFi protocol called NFTfi. Here’s a detailed tutorial on how to execute the borrowing and lending process: Borrow ETH With Your NFT? No Kidding.
Well, more than a year has passed since we introduced this project. The NFT market has developed a lot and caught more and more attention in the blockchain industry. Is the idea of putting NFTs as collateral working well?
Let’s review NFTfi’s dashboard together. Data will tell you insights.
In 90 days, NFTfi’s total unique users have dropped by 19.69%. However, the volumes have had more than 200% increases: total borrowed volume +210.56%, repay volume +615.27%.
You might notice that NFTfi has had just a small amount of total unique users since launch. But overall it has shown a positive trend, especially in the recent 30 days: total unique user +16.25%, unique lender +32.14% and unique borrower +28.57%.
It means a growing number of NFT owners start to use it.
As for the volume of NFTfi, it has sharply increased.
The 30d total borrowed volume hit $1.84M, +189.26%. It just reached ATH $291,529.516 yesterday 26th Jul.
And the 30d repay volume broke $1.30M +170.70%, which also peaked this July.
The gain in volume and users reflect that NFTfi seems to be attracting more and more blockchain users to really try NFT backed loans. But from the data shown above, the number is still relatively low. We think there is still a long way to go for NFTfi.
Let’s wait, monitor the data and see. Data won’t lie.
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Originally published at https://www.dapp.com.
