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NFT-Backed Lending Market Rises, USD 1.4M Borrowed With an NFT as Collateral
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cryptonews.comNon-fungible tokens (NFTs) are increasingly being used as collateral against loans. Recently, the possibly largest ever such loan was issued for USD 1.4m using the crypto lending platform NFTfi, with the Autoglyph 488 NFT as collateral.
Autoglyphs are an “on-chain” generative art collection made up of 512 assets on the Ethereum (ETH) blockchain. The collection is created by Larva Labs, known far and wide for its pixelated digital avatars dubbed CryptoPunks.
Using NFTs as collateral works like all
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