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NFTs, or Non-Fungible Tokens, have been making waves in the world of digital assets. In this blog, we’ll dive into the exciting world of NFT lending and explore how it works. Initially introduced as unique tokens for collectibles,Non-Fungible Tokens have evolved to include a wide range of use cases, such as utility and real estate Non-Fungible Tokens. The unique characteristics of Non-Fungible Tokens have made them a valuable asset in the DeFi industry, enabling users to take loans against their NFTs.

A fee, typically based on the loan’s principal amount, will be charged by the marketplace. In the event of a borrower default, the lender will acquire the NFT, which generally holds a higher value than the loan. Peer-to-protocol lending operates differently. The lender can choose to either liquidate the NFT to recover their losses or retain ownership of it. NFT owners borrow directly from the lending protocol, providing the NFT as collateral, which is then locked within the protocol’s smart contracts.

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