NFTfi Rolls Out Major Protocol Upgrade

NFTfi Rolls Out Major Protocol Upgrade

NFTfi rolled out a significant protocol upgrade, introducing the ability to support loans for up to five years and more, with the inaugural 2-year loan secured on a Chromie Squiggle.

The Deets

  • Multi-year Loans: NFTfi now provides loans ranging up to 5 years.
  • First 2-Year Loan: A Chromie Squiggle has been used to secure the first-ever 2-year loan at 10% APR and ~74% LTV.
  • Support for ERC-1155 Assets: The upgrade will soon support diverse real-world assets like art, collectibles, real estate, and intellectual property as NFT collateral.
  • Additional Features: Other powerful features to be released by year-end, including refinancing and pro-rata interest repayments.

The Bulk

NFTfi just announced its major protocol upgrade. Previously, the maximum loan duration was capped at a year. However, this recent upgrade dramatically changes the game by offering loans for durations stretching up to five years. 

Furthermore, the protocol's forthcoming support for ERC-1155 assets promises to revolutionize the lending landscape. It means users will soon be able to pledge diverse assets like physical art pieces, collectibles, real estate properties, and even intellectual property in the form of NFTs as collateral.

As we approach the year's end, NFTfi users can anticipate the rollout of other robust features, including options for refinancing and pro-rata interest repayments. The upgrade, while significant, requires users to be attentive. New contract addresses have been introduced, and existing loans will continue on their current contracts. Those intending to renegotiate must act before the end of 2023.

🔜 What's Next?

While NFTfi platform has introduced several upgrades, more features will be rolling out by year's end. Users should keep an eye out for refinancing options and pro-rata interest repayment methods.

ğŸŽ¬ Take Action

For users of the NFTfi platform, it's crucial to acquaint yourself with the new smart contract addresses. If you intend to renegotiate your loans, make sure to do so before December 31, 2023.

For more web3 and NFT news, visit the Lucky Trader newsfeed.

Disclaimer: The author or members of the Lucky Trader staff may own NFTs discussed in this post. Furthermore, the information contained on this website or the Lucky Trader mobile application is not intended as, and shall not be understood or construed as financial advice. AI may have assisted in the creation of this content.