NFTfi Launches Earn Season 1
NFTfi launched its Earn Season 1, rewarding borrowers and lenders for promoting a healthy lending market in the NFT space.
The Deets
- Earn Season 1: Incentivizes borrower-friendly loan terms and responsible lending behavior.
- The Points: Eligible participants gain exclusive loyalty points upon successful repayment of loans.
- The Leaderboard: Displays unsecured (at the start of a loan) and secured points (upon repayment). Top 500 wallets by the end of the season can secure a max 2.5x multiplier on their final balance.
- Season Duration: Lasts at least 3 months, with an end date to be announced before the end of June.
- US residents cannot participate in Earn Season 1.
The Bulk
NFTfi, a peer-to-peer lending platform using NFTs as collateral, has launched Earn Season 1 to incentivize responsible and borrower-friendly loan terms. This program is aimed at promoting a healthy lending environment within the growing NFT market.
Participants can earn exclusive, non-transferable loyalty points, known as "Earn Points," for repaying eligible loans. Upon initiating a new loan, participants can view the associated Earn Points under "unsecured points" in their NFTfi Rewards cockpit. These points convert into "secured points" once the loan is successfully repaid.
The NFTfi Leaderboard displays both unsecured and secured Earn Points. The 500 wallets with the most secured points by the end of Season 1 will receive a multiplier of up to 2.5x on their final balance. This serves as an additional incentive for lenders and borrowers to adhere to friendly loan terms and responsible lending practices.
To help combat the issue of "wash lenders" - those creating artificial lending volume with their own or related accounts to farm points - Earn Season 1 has several disincentives in place. These include no points for loans with less than 2% APR, loans with less than three days duration, and loans with less than 20% loan duration utilization.
❗️Why It Matters
There is perhaps no better time for NFTfi to officially launch Season 1 of its rewards program, as Blur's Blend has helped bring light to continued financialization of NFTs. Now, those who want to earn rewards for making or taking NFT loans have a variety of options to choose from, with likely less competition on NFTfi.
🎤 Community Quotes
NFT lending protocols like @NFTfi, open the door for multiple use cases for collectors/galleries/museums/institutions...Imagine a future where you can loan your NFTs to a museum and get rewarded?Kaloh
