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South Africa’S Nftfi Raises $5M So People Can Use Their Nfts As Collateral For Loans

South Africa’S Nftfi Raises $5M So People Can Use Their Nfts As Collateral For Loans

11/16/21, 2:30 PM
Money raised
$5 million
Once regarded as a fad (for some, it still is), NFTs, digital assets that depict real-world objects, are becoming increasingly popular within and outside the crypto world.

Company Info

Company
Nf Tfi
Additional Info
However, the platform is working to address that speculation by including features that allow term negotiations and extensions for borrowers. The top NFT loans on NFTfi span across popular digital collectibles on the Ethereum blockchain — Art Blocks, Bored Ape Yacht Club, Cryptopunks, Autoglyphs, Meebits and VeeFriends. Young claims the company has been growing at 805 month-on-month in terms of loan volume and the company has totalled more than $15 million in value. The company says lenders have earned over $500,000 in interest. Once regarded as a fad (for some, it still is), NFTs, digital assets that depict real-world objects, are becoming increasingly popular within and outside the crypto world.But with large amounts of capital locked into illiquid NFTs, more people are looking for ways to unlock liquidity without selling their NFTs.This market is one South African company NFTfi targets and has raised a seed round of $5 million to continue pioneering the financialization of NFTs.