Nord Finance launches Nord NFT Loans | Unlock NFT’s true potential
Nord Finance launches Nord NFT Loans, a P2P NFT collateralized lending and borrowing product.
Artists make the world a beautiful and enjoyable place with their creativity. Due to the flawed nature of internet 2.0, artists were unable to get a hold of their digital arts and often not rewarded for their creations. Web 3.0 has opened up the doors for every artist to create their art as NFTs and put it on the best Web 3.0 platforms to get visibility from art collectors across the globe. Experienced and Novice artists get numerous avenues to monetize their digital creations.
NFT holders’ wealth is tied up to their NFT assets. If they find a new buying opportunity for NFTs or Crypto assets then they need to sell their NFTs in bad market condition or at a discount. NFT investors would like to hold their assets for the long term. NFT holders can benefit greatly if they can collateralize NFTs like real assets to get credit to be utilized for investment, personal, or business purposes.
We’re excited to launch a new product for artists and art collectors to utilise the true potential of their NFT holdings with Nord NFT Loans. Nord NFT Loans is a P2P Lending and Borrowing product to help artists and art collectors receive money against their pledged NFT. In addition, Nord NFT Loans is a place for investors to earn attractive interest by lending the NFT collateralized money to another individual.
In essence, users of the NORD NFT Loans platform can do the following:
NFTs owners can pledge their NFTs as collateral and get a loan against them. They can use the money for their personal and business needs.
If they decide to borrow money against their NFT, their NFT will be locked in a Smart Contract, and they will get credits in their account.
Lenders can give money to the NFT holders and earn decent interest against the given credit.
If they decide to lend the money against NFT, NFT will be locked in a Smart Contract, and their account gets debited to transfer credits to the borrower’s account. If the borrower is unable to repay in a mutually decided timeframe the NFT will be transferred to the lender’s account. The underlying pledged asset can help lenders cover their money against any unseen default event.
“We believe the increasing interest of NFTs among individuals, Artists and Art collectors, influencers, celebrities, brands and HNI will only propel the growth of the NFT industry in coming years. Nord Finance is well poised to tap the rapidly growing NFT industry with the Nord NFT Loans”.
- Co-Founder and CEO Amarnath Reddy
According to the latest report from the Financial Times, the NFT market reached $40 billion in 2021. The NFT adoption will only increase in the upcoming years with more acceptance across the globe. Nord Finance is well poised to tap the rapidly growing NFT industry with the Nord NFT Loans.
About Nord Finance
Nord Finance is an advanced decentralized financial ecosystem designed to simplify Defi investing by bringing key features of traditional finance to the DeFi ecosystem.
Nord Finance is built on Ethereum Network. Multichain interoperability of Nord Finance powers a plethora of financial primitives, which constitute savings, advisory, loans against crypto assets, Investment and Fund management.
Nord Finance is creating innovative ways for everyone to generate wealth with Blockchain Technology.