How to borrow money from an NFT?

Choose an NFT and you could customize your loan offer - Set loan amount (how much you are willing to lend out), the payback amount (how much you want to get back), and the loan duration (7, 30 or 90 days). The system will calculate the interest rate for you as a reference.

What is drops NFT lending?

Drops, a platform that facilitates loans for NFTs and DeFi assets, has revealed the first phase of the three-phase rollout of its NFT Lending platform. Per the official release, the Drops NFT lending platform offers users options to use their NFTs as collateral in return for access to trustless loans from Drops’ permissionless NFT lending pools.

What happens if you don't pay off your NFT?

If the loan is not repaid when due, the lender can foreclose on the NFT collateral, placed in Escrow on the platform. Speaking about types of NFTs most often offered as collateral, these are mostly digital art, including both images and videos as well as sports memorabilia.

Will we see more NFT loan platforms in the future?

I expect we’ll see plenty more NFT loan platforms going forward as NFTs continue to become more important in society, and as appraisals and other valuations techniques get built out.