- Drops announce the launch of the NFT lending platform.
- NFT lending platform is created to introduce liquidity in NFT markets.
- Drops lending platform enjoys a total value locked (TVL) of $6.2 million.
A multi-chain liquidity and loans platform for NFTs, Drops have announced the launch of its NFT lending platform, with the testnet set to mark the initial phase of its mainnet launch. Drops Nft lending ecosystem looking forward to bridging the gap in NFT markets by enabling participants to utilize their metaverse items as loan collateral.
Furthermore, Drops is confident about tapping into this expanding ecosystem to provide much-needed liquidity solutions. Drops NFT lending platform introduces an avenue to collateralize idle NFTs, building a more liquid market where users can obtain loans and get an extra yield.
Accordingly, Darius Kozlovskis, Drops Founder &CEO, stated, “NFTs have become the center stage of crypto discussions in the past few months. However, the latest crypto market crash revealed underlying liquidity issues in this upcoming niche.”. Also, the CEO added, the Drops NFT lending platform is created to introduce liquidity in NFT markets by bridging the metaverse world with Decentralized Finance (DeFi). Therefore, we believe that NFT owners can derive more value from their idle assets.
More so, Drops will be rolled out in three different phases, kicking off with the testnet, followed by an audit, and finally the mainnet release. The owners of the NFT who are interested to participate can submit an application form. After submitting the forms NFT owners will be guided on how to take part in the Drops NFT Loans testnet.
Henceforth, the lending platform Drops will leverage its native token dNFT and dTokens to represent NFT collaterals supplied to the platform’s permissionless pools. The native tokens can be utilized by the NFT owners who supply their digital assets to a particular pool, to borrow from the markets or repay outstanding debts.
Currently, the Drops lending platform enjoys a total value locked (TVL) of $6.2 million, a figure that will likely increase as more metaverse participants join the drops community.
