NFT Lending is Trending

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A marketplace called NFTfi, which specialises in loans collateralised by NFTs, has seen a surge in lending volume over the last two months. During the weekend of 3rd July, it hit its highest level with $3.5M worth of non-fungible tokens changing hands. The interest rate on the loan is set by a metaverse-based interest rate protocol called MetaStreet, which acted as sole lender for the loans. The ‘two’ investors borrowed 21,500 DAI against a combined collection of 147. CryptoPunks dominate the loans, with loans lasting 33 days on average.