NFTfi.com is a simple marketplace for NFT collateralized loans that allows you to put your NFT assets up as collateral for a loan, or offer loans to other users on their non-fungible tokens. Technical briefing by Stephen Young & SJ Powell.
Overview of Briefing
Stephen Young will be presenting this technical briefing and starts off by introducing NFTfi.
Stephen will take us through the demo as a borrower.
On the homepage of NFTfi, we see all the assets that are associated with that account. Stephan uses an asset he owns on this demonstration account.
We see that this owned asset can be listed as collateral. Stephen shows us how the user can list the NFT for a crypto loan value with a chosen duration, between the choices of 7, 14, 30, and 90 days.
To finalize the listing, the asset owner signs a MetaMask transaction.
Stephan then moves us into the lender view.
We see all the assets that have been listed.
As a lender, you can make an offer on a chosen asset.
Stephen goes through an example of what a lender would do to transact a listed asset. Once a lender sends an offer, the borrower can go in and accept that offer.
Stephen jumps back into the borrower’s account to show that side of a transaction.
We then see the example transaction pan out and how the listing process from start to finish works.
Stephen explains how the repaying process works and explains that NFTfi takes a 5% cut on the interest made from the transaction.
In an event the borrower does not pay back the loan, the lender keeps the asset.
Stephen closes out the technical briefing with NFTfi success since its beginning in June 2020.
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