DeFi Lending Platform “Wing Finance” Rolls Out Its New NFT Pool
Wing Finance, a decentralized lending platform, has successfully launched a non-fungible token (NFT) pool, offering highly competitive APR rates. The new functionality will support the first six blue-chip NFTs.
Notably, non-fungible tokens (NFTs) continue gaining mainstream adoption, despite the current crypto bear market. Brands and notable household names such as Loius Vuitton, Gucci, Tommy Hilfiger, and Mercedes Benz are leveraging the new tech to boost their market share.
Data acquired from DappRadar confirms that NFTs trading spiked more than half a million in 2020 to 28.6 million in 2021. Despite the remarkable performance last year, there is more underlying NFT collateral that remains locked in wallets.
But interestingly, the new digital collectible pool might be the game-changer, offering a competitive APR rate. The new NFTs pool will support the six blue-chip NFTs collections, including CryptoPunks, Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), The Meebits, Azuki, and Clone X.
Despite debuting in the NFT lending pool market, Wing Finance leads in offering unique and innovative functionality to unlock NFTs value. The decentralized lending platform adopts a peer-to-pool lending mode.
The P2P lending model will allow Ether (ETH) in the asset pool to provide liquidity to the other lending pools. As a result, the user will borrow ETH assets by simply collateralizing NFTs. Suppliers will earn ETH interest from borrowers.
According to the team behind the development, all collateralized NFTs will move into the main NFT-collateral pool, where borrowers receive the corresponding functional NFT. However, NFTs lenders must pay attention to collateral value for their safety.
Since NFTs are calculated from floor prices, buyers will potentially acquire the cheapest NFTs, especially amid the recent market dump with over 20% off. Wing NFT pool will calculate the time-weighted average floor price to filter price fluctuations from OpenSea and LooksRare to optimize fairness.
The newly launched NFTs pool will give users an exclusive new method to unlock their NFTs value without necessarily auctioning them. The NFT pool allows users to borrow while setting their NFT portfolio as loan collateral.
Wing Finance now anticipates leveraging the new functionality to lead the collateralization space. Moreover, the decentralized lending platform aims to expand its market as one of the first DeFi protocols to support the lending and borrowing mechanism.
Although Wing has deployed its NFT pool on the Ethereum chain, it will eventually leverage other blockchains, such as Polygon and Solana, to become the leading credit-based and Defi platform.
Furthermore, the Wing’s decentralized autonomous organization (DAO) may also propose and vote over expanding to other additional blue-chip NFT collections. Once users join the Wing DAO, other NFT holders can vote for projects they support with WING tokens.
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NFT trading volumes have plunged in the last few months. The NFT Festival which is one of the biggest events for NFTs has seen a decline in its trading volume.
The main reason for the decline is that there are no new games coming out that would require people to buy, sell or trade their digital assets. One of the reasons is also that many people are not able to find any use for their digital assets and they are also not sure what to do with them after they buy them.
The trading volumes of NFTs have fallen considerably since the introduction of the NTY Festival. It is still unclear whether this is a temporary trend or will persist.
NFT trading volumes have plunged in the past few months.
The NFT Festival, which was supposed to be a celebration of all things NFT, has been cancelled. The NFT Marketplace is seeing a decline in trading volumes and the number of items on sale. In contrast, more and more games are launching their own NFT stores on their websites.
NFT Trading Volumes Plunge
NFTs are a new form of cryptocurrency that is decentralized and more secure than traditional cryptocurrencies. The NFT marketplace is a new trading platform that allows users to trade these tokens using their own cryptocurrency. This trading platform is more secure because the users don’t need to worry about their funds being frozen or stolen by hackers. In addition, the NFT marketplace has a “decentralized investment fund” which will allow people to invest in these tokens and then take them out of circulation for a period of time.
Section topic: Blockchain Technology
Section keywords: blockchain, distributed ledger technology, Bitcoin, Ethereum
Introduction:
Blockchain technology has been used to create Bitcoin and Ethereum – two cryptocurrencies that have seen an increase in value over the past few years due to increased demand
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NFTs are a new asset class, and the deFi lending platform is an innovative way to use them to generate returns.
The DeFi lending platform is an online marketplace where investors can lend their NFTs for borrowers who need them. The borrowers would be required to put up collateral, which would be held by the platform in case of default.
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The decentralised finance (DeFi) lending platform is a marketplace for lending. It facilitates the process for individuals to lend and borrow money without any intermediaries.
The DeFi lending platform works on the principle of smart contracts which are computer protocols that facilitate, verify, or enforce the negotiation or performance of a contract. The contract is typically between two people who want to enter into an agreement.
