NFTfi offers a platform for receiving loans while offering an NFT as collateral. The current system supports peer-to-peer loans. Meaning, a borrower offers an NFT as collateral and a lender transfers ERC-20 tokens to the borrower. In case the payback time is exceeded, the lender has the right to liquidate the loan and withdraw the NFT from the lending contract. Furthermore, renegotiations of the loan terms are possible in the NFTfi Marketplace.
About NFTfi
“NFTfi is the leading peer-to-peer liquidity protocol for NFTs. Since May 2020, it allows NFT holders to use the NFT they own to access the liquidity they need, by receiving secured ETH and DAI loans from liquidity providers peer-to-peer. NFT liquidity providers use NFTfi to earn attractive yields or – in the case of loan defaults – to have the chance to obtain NFTs at a steep discount to their market value.
NFTfi’s vision is to build a fully decentralized, permissionless, user-owner public utility, supporting the seamless financialization of NFT based economies through innovative mechanisms and highly user-friendly applications.”
Source: NFTfi Team
The audit process was so much more pleasant and constructive than I imagined - I expected something much more clinical to be honest!