NFT Lending and Borrowing
In the upcoming release, we're excited to introduce NFT lending and borrowing functionality. This new feature allows users to lend their NFTs to others for a specified period of time, earning interest on their loan. Alternatively, users can borrow NFTs from others and use them for various purposes, such as displaying them in a virtual gallery or using them in a game.
NFT lending and borrowing provides a new way for NFT holders to generate income from their assets and for others to gain access to valuable NFTs without having to purchase them outright. This feature also supports the growth of the NFT market by increasing liquidity and promoting wider adoption.
We believe that NFT lending and borrowing will be a game-changer for the NFT ecosystem and are excited to see how users will leverage this new functionality to further expand the possibilities of NFTs.
How to give a loan
Step 1 : Go to the ‘Give a loan’ section on top of the Lending & Borrowing Section.
Step 2: Connect your wallet so that you see all your NFTs that you have added on the platform.
Step 3: If you want to add any NFT then first list it using the List NFT button in the top right corner.
Step 4: Select any of the NFT that you want to give as a loan.
Step 5: If you want to list the NFT for lending click on the button ‘List NFT for lending’ in the modal and proceed with the wallet transactions.
Step 6: If you want to add any NFT then first list it using the List NFT button in the top right corner
How to get a loan
Step 1 : Go to the ‘Get a loan’ tab in the Lending & Borrowing section.
Step 2 : Select any of the NFT that you are interested in.
Step 3 : After getting redirected to the NFT detail page of the NFT you want to borrow. Enter all the terms on which you want to borrow. Enter the loan amount, collateral and the tenure for the loan.
Step 4 : Click on the ‘Make Offer’ button and propose an offer to the NFT and proceed with wallet transactions.
Dashboard
How to accept/reject a loan given?
Step 1: Go to the ‘DashBoard’ tab in the Lending & Borrowing Section
Step 2: Go to the ‘Loans Given’ tab in the top left corner of the DashBoard section.
Step 3: In this section you will see all the NFT that you listed for and have received an offer for borrowing or NFT that you have lent.
Step 4: For accepting or rejecting you can click the check and cross arrows in the right hand corner of all the requests.
Step 5: A modal will open with all the details of the offer and you click on ‘Accept the transfer’ and carry on with the wallet transaction for accepting the offer.
How to accept or reject an offer sent?
Step 1: Go to the ‘DashBoard’ tab in the Lending & Borrowing Section
Step 2: Go to the ‘Offers sent’ tab in the top left corner of the DashBoard section.
Step 3: In this section you will see all the NFTs that made an offer to and want to borrow or have borrowed.
Step 4: Once the lender accepts your offer you will see a ‘Borrow Now’ button in the right hand section of all the offers.
Step 5: Click on “Borrow Now” and proceed with wallet transactions for borrowing the NFT.
Step 6: After borrowing you will see a “Repay now” button, on NFTs you have borrowed.
Step 7: Click on ‘Repay Now’ and proceed with wallet transactions to return the NFT and get paid.
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