Arcade.xyz transforms NFT lending by introducing the concept of luxury watch loans. Now, borrowers have the power to use their watches as collateral. Read on to find out how you can gain NFTs through your luxury watch!
- Arcade.xyz introduces luxury watch loans, allowing borrowers to access funds based on the value of their watches.
- Significantly, borrowers send their luxury watches to 4K and receive NFTs representing ownership. These are then listed on Arcade.xyz for lenders to make loan offers.
- With a focus on privacy and security, Arcade.xyz’s lending process enables users to borrow or lend without showing their identities, making it a popular choice in the growing NFT lending market.
Unlocking Value: Luxury Watch Loans Meet DeFi with Arcade.xyz
Arcade.xyz, the decentralised finance (DeFi) protocol for NFT lending, has just introduced a new feature that allows borrowers to leverage their luxury watches as collateral for loans. This means that users can now access funds based on the value of their watches.
Significantly, it works by users sending their luxury watch to 4K, an on-chain escrow protocol. In return, users receive an NFT representing ownership of their watch. Arcade.xyz lists these NFTs on its platform, allowing lenders to make loan offers. Once both parties agree on a loan agreement, the platform securely transfers the NFT to a wallet.
The platform’s lending process ensures that as a borrower or lender, you can use the service without showing your identity, offering a level of privacy and security that traditional institutions may not provide. Furthermore, with nearly $100 million worth of NFT-based loans already facilitated by Arcade.xyz, it’s clear that this lending model is gaining popularity.
Arcade.xyz use of physical luxury goods alongside digital assets provides a unique blend of traditional and modern finance. So, if you have a luxury watch gathering dust, give Arcade.xyz a try.