NFTBank Partner Highlights Part 3 — BNPL Platforms

Welcome back to our NFTBank partner highlights series part 3, where we cover our unique BNPL partner: Cyan.

“THE” BNPL platform

Cyan is the first buy now pay later (BNPL) service for the Metaverse. Their goal is to allow users to purchase an NFT with the least amount of financial burden.

BNPL (Buy Now, Pay Later) allows a person to purchase a product through a third party, and then pay the third party back with interest. This allows a user to buy something expensive in small increments over time which decreases the financial burden of having to make a huge purchase all at once.

Cyan’s BNPL service allows a user to pay for an NFT by paying an initial deposit to Cyan and then paying off the debt plus interest over three months.

What’s special about Cyan’s BNPL service is that the user has access to the NFT’s utilities like receiving airdrops and staking, even before it is fully owned. This is a way of “trying on” an NFT before making the full commitment.

More than just BNPL

While Cyan is well-known for their BNPL service, they also have a “pawn” service which is a P2Pool lending service with a fixed three -month term.

Those who want to pawn can choose the LTV they wish to borrow (either 20% or 33%) and then put up the NFT to be used as collateral. The service will appraise the value of the NFT and the interest is calculated by their internal risk engine.

Appraising the value of an NFT on pawn is important because the amount the user can borrow is dependent on the valuation of the collateral. This is where NFTBank steps in, again.

While Cyan has an appraisal system for NFTs being used as collateral, they also integrated NFTBank’s Estimated Price API. NFTBank’s Estimated Price API gives the value of an NFT, capturing all of the necessary traits that factor in the price. This allows users to potentially borrow more than just at a floor price through Pawn.

Coming soon…

NFTBank and Cyan are discussing ways to integrate NFTBank’s price appraisal into other products like their BNPL service as well as bringing Cyan’s products like BNPL and pawning to NFTBank’s platform to spread the potential of BNPL and NFT finance in the space.

Having the biggest BNPL player as one of our partners allowed us to become more innovative with our price appraisal. We are continuing to look for powerful players like Cyan to explore ways to foster NFT finance together. Reach to one of our socials if we missed you!

About NFTBank

NFTBank is an NFT portfolio management tool and valuation engine, allowing users to make informed decisions about their NFT portfolio and enable advanced DeFi use cases. NFTBank’s ML-powered NFT valuation engine covers 5000+ projects with high accuracy.

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