Cape Town, South Africa, May 15, 2023, Chainwire
NFT fi, a leading NFT lending platform, has launched the next phase of its NFTfi Rewards loyalty program. In Win Season 1users can be rewarded with exclusive reward points for borrower-friendly lending and responsible lending behavior.
The NFT space is growing rapidly and healthy credit markets are essential to its overall growth. NFTfi’s Earn Season 1 reward structure was designed with this in mind, to incentivize responsible NFT lending and contribute positively to the overall NFT ecosystem.
Stephen Young, co-founder and CEO of NFTfi says: “We believe NFT lending is a crucial part of the future of the NFT space, and we are committed to promoting a healthy, non-predatory lending environment through our new loyalty program.”
The principles by which earned points are calculated are as follows:
- Only repaid loans earn points: Aims to motivate lenders to carefully manage default risk through conservative LTVs, and borrowers not to take on excessive debt that they may not be able to repay.
- Larger and longer loans earn more points: Aims to motivate lenders to provide borrowers with flexible access to different loan sizes and terms.
- Loans with low interest rates (APR) earn the most points: Aims to motivate lenders to offer favorable interest rates to borrowers and risk-adjusted LTVs accordingly.
Earn points are earned by repaying a qualifying loan. When taking out a new loan, the associated earning points can be seen under “unsecured points” in the NFTfi Rewards cockpit. If the loan is repaid, these points become “guaranteed points”.
The NFTfi ranking displays points earned unsecured (at the start of a loan) and points earned guaranteed (at the time of repayment). The 500 wallets with the most secure points at the end of Season 1 will get a 2.5x max multiplier. on their final balance.
NFTfi is committed to rewarding real users, not scrubbers. The program discourages sham lending through a variety of measures, including no points for loans with an APR of less than 2%, no points for loans with a term of less than 3 days, and no points for associated portfolios.
Points earned are not transferable or exchangeable at this time. They simply reflect the loyalty level of NFTfi users. Certain individuals, such as United States residents, other United States persons, and persons located in the United States, are not eligible to participate in the NFTfi Rewards loyalty program.
Win Season 1 is just the start of a long and exciting #NFTfiSummer. NFTfi has planned many surprises for all NFT collectors. For more information, see the Earn points in the cockpit and the FAQs section.
Market information
NFT lending is a rapidly growing market, with the global NFT market expected to reach USD 13.6 billion by 2027, according to MarketsandMarkets. NFT loans provide benefits such as liquidity, allowing NFT holders to use their assets as collateral for loans. It also helps address issues such as the lack of traditional financing options for NFT holders and the need for a healthy credit market in the NFT space.
Investments in loans carry inherent risks and the value of NFTs can be very volatile. Users should carefully consider their risk tolerance and investment goals before taking out loans.
About NFTfi
NFTfi.com is a decentralized peer-to-peer lending platform that allows NFT holders to borrow ETH, USDC, and DAI cryptocurrencies, secured by their non-fungible tokens (NFTs). The platform is noncustodial and built on the Ethereum blockchain, where smart contracts facilitate secure and transparent transactions directly between borrowers and lenders. NFTfi offers NFT holders a new way to unlock the value of their assets and access liquidity while allowing lenders to earn interest on their funds. Since its first loan in May 2020, users have traded over $400 million on NFTfi smart contracts.
Contact
Stephen Young
(email protected)