Veronicesan
@veronicesan
How do NFT lending platforms work? NFT lending platforms allow users to borrow cryptocurrency by using NFTs as collateral. Platforms like NFTfi and BendDAO offer loans against high-value NFTs. If borrowers fail to repay, lenders can claim the NFT. This system provides liquidity to NFT holders but carries risks, as NFT values fluctuate. Lenders assess risk based on the NFT’s market demand and price history.
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