Put your NFTs to work

Put your NFTs to work

What if you could use your NFTs to earn profit instead of them juts lying idle in your wallet?

An increasing number of solutions, both centralized and decentralized, are now allowing you to do so.

This week lending company NEXO (centralized) announced that it will from now on accept NFTs as collateral, allowing users to borrow up to 20% of their value. For the moment NEXO NFT Lending Desk accepts only CryptoPunks and Bored Ape Yacht Club, but more collections are to come.

The examples of decentralized solutions include NFTX or NFT20, which allow NFT owners to put their NFTs in a pool (vault) and mint tokens representing it. These tokens could later be used to speculate, exchange for another NFT in the pool, bid on a higher quality NFT on auction, earn trading fees as a liquidity provider, farm crypto using tokens as loan collateral… DeFi possibilities are truly impressive.

Crypto games are another place where NFTs could be put to use. With Axie Infinity numerous Axie lending services popped up, allowing to lend/borrow an Axie. Other games, like Splinterlands for example, have an already built-in function allowing to rent out the cards you don’t use.

MetaFi – finance in the metaverse – is an emerging trend that can make the metaverse experience even more interesting. Getting loans on your Ape is just the beginning.