October 12, 2021 - 3 min read
We are happy to announce the partnership between SupraOracles and NFTfi. SupraOracles will be providing NFTfi with cross-chain information to integrate metadata onto different blockchains.
NFTfi is the marketplace for NFT collateralized loans, where you can put your NFT assets up as collateral for a loan or offer loans to other users on their non-fungible tokens. You can make an offer of a 100ETH loan on an NFT, like a CryptoPunk, for 7-, 30-, or 90-day periods. This loan is secured in a smart contract with the NFT in escrow. If you fail to repay the loan, your NFT can be claimed by the lender.
NFTfi launched on the Etherum blockchain and has attracted attention from noteworthy investors in the blockchain gaming world, such as Animoca Brands, the company behind The Sandbox and the REVV token. Additionally, the CEO of Dapper Labs, who launched Crypto Kitties and NBA Top Shot, is also funding the project.
SupraOracles will be providing fast and reliable cross-chain data, offering information on a variety of NFT collections that reside on different blockchains. This allows NFT collateralized loans to bring additional liquidity to the notoriously illiquid NFT markets.
Stephen Young, co-founder and CEO of NFTfi, commented: “We’re really excited about the partnership with SupraOracles. As the NFT space continues to grow, the partnership will help to bring additional liquidity to the notoriously illiquid NFT markets. We want our users to be able to use our marketplace easily, and adding this layer of data to ensure that metadata is making its way to different blockchains is only going to have a positive effect on the perception of NFT collateralized loans moving forward.”
Joshua D. Tobkin, CEO and Co-founder of SupraOracles, commented: “We are excited to be working with NFTfi. We want to be part of the NFT lending revolution and explore future ways to attribute pricing and performance data to NFTs to enable them to be financialized more effectively. As thought leaders in this space, NFTfi is at the forefront of an exciting sector that may cover a larger surface area than just traditional DeFi. We’re looking forward to this partnership as we all explore what other novel primitives can be achieved with NFTs.”
SupraOracles strives to bridge the gap between traditional capital markets and the Web3.0 ecosystem. Our vision and driving mission is to empower the developer community with a novel oracle toolset so that they may conveniently create, deploy, and manage data applications with superior performance, robustness, and agility.
Our project is supported by seasoned professionals with experience in the architecture of consensus mechanisms, randomness research, real-time data services, investment banking, digital securities, traditional stock exchanges, big data, doctoral academia, big 4 consulting, blockchain/DLT, and DeFi.
Together with our developer community and growing list of partners, SupraOracles aims to solve the oracle dilemma and, ultimately, power the future of finance.
NFTfi is the marketplace for NFT collateralized loans. Users can use their NFTs as collateral in order to obtain a loan as well as enable those with digital currencies to earn interest. NFTfi’s ultimate goal is to provide a platform that enables the financialisation of NFTs and digital currencies, empowering users to do more of the things they love with more freedom and choices than ever before. Since the very first loan in May 2020, NFTfi’s current total loan value has exceeded $15 million, with over 1500 loans extended and earning lenders over half a million in interest.
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