• Home
  • Bitcoin
  • Ethereum
  • Press Releases
Facebook Telegram
Facebook
Baffic
Submit Press Release
  • News
  • Press Release
  • Facebook
  • Google News
Baffic
Drops Announces Upcoming NFT Lending Platform to Boost Market Liquidity

Drops Announces Upcoming NFT Lending Platform to Boost Market Liquidity

By teambafficOctober 27, 2021
Share
Facebook Twitter LinkedIn Telegram WhatsApp

Vilnius, Lithuania, 27th October, 2021,

Drops announced today the upcoming launch of its NFT lending platform, with the testnet set to mark the initial phase of its mainnet launch. The Drops NFT lending ecosystem seeks to bridge the liquidity gap in NFT markets by enabling participants to use their metaverse items as loan collateral. 

With NFTs gaining popularity, Drops is optimistic about tapping into this growing ecosystem to provide the much-needed liquidity solutions. The Drops NFT lending platform introduces an avenue to collateralize idle NFTs, creating a more liquid market where users can obtain loans and earn an extra yield. 

“NFTs have become the centre stage of crypto discussions in the past few months. However, the latest crypto market crash revealed underlying liquidity issues in this upcoming niche. The Drops NFT lending model is designed to introduce liquidity in NFT markets by bridging the metaverse world with Decentralized Finance (DeFi).In doing so, we believe that NFT owners can derive more value from their idle assets.” said Drops Founder & CEO Darius Kozlovskis.

The platform will be rolled out in three phases, kicking off with the testnet, followed by an audit, and finally, the mainnet release. NFT owners who wish to participate can submit an application form, after which they will be guided on how to take part in the Drops NFT Loans testnet.

Drops will leverage its native tokens dNFT and dTokens to represent NFT collaterals supplied to the platform’s permissionless pools. NFT owners who supply their digital assets to a particular pool can use the native tokens to borrow from the markets or repay outstanding debts. As for the collateral factor, each market will have a factor ranging from 0 to 1 to represent the portion of the underlying asset value that can be borrowed. 

The Drops lending platform currently enjoys a total value locked (TVL) of $6.2 million, a figure that will likely increase as more metaverse participants join the Drops community.

“We are excited about the future of the metaverse given its potential in building global digital communities. The Drops NFT lending platform provides a perfect starting point to contribute towards the growth of the metaverse. In future, we anticipate integrating more DeFi opportunities to support the mainstream adoption of NFTs and digital ecosystems.” added Darius Kozlovskis. 

About Drops

Drops is a premier NFT lending platform that allows metaverse item owners to use their digital assets as collateral for loans and in the DeFi ecosystem to earn an extra yield. The Drops protocol leverages permissionless lending pools, enabling digital assets such as NFT collectibles, metaverse items, Financial NFTs, and DeFi assets to be used as loan collateral. At the core, Drops value proposition is to decrease the selling pressure of idle NFT assets by creating avenues to obtain instant liquidity or earn a passive yield through DeFi ecosystems. 

Contacts
  • Darius Kozlovskis
  • dk@drops.co
Press Release
Share. Facebook Twitter LinkedIn Telegram WhatsApp

Related Posts

Cozy Web3 Movement: Cozies announces minting of Cozies NFTs for October 10th

October 6, 2022

Blockchain Twitter App Launches to Bring Decentralized Social to the Masses

October 5, 2022

Talent Protocol supports the next generation of builders through the acquisition of Agora Labs

October 5, 2022

Abu Dhabi to Host Inaugural Middle East Blockchain Awards

October 5, 2022

Swiss data and analytics service Nuant prepares for the Q4 launch of the first unified platform for digital asset data, analytics & portfolio intelligence

October 5, 2022

Crypto Casino of the Year BC.GAME Launches Its All-New Redesigned Website With Better Features

October 4, 2022

Comments are closed.

Advertisement
Latest Press Releases

Cozy Web3 Movement: Cozies announces minting of Cozies NFTs for October 10th

October 6, 2022

Blockchain Twitter App Launches to Bring Decentralized Social to the Masses

October 5, 2022

Talent Protocol supports the next generation of builders through the acquisition of Agora Labs

October 5, 2022

Type above and press Enter to search. Press Esc to cancel.