WeMade Launches NFTFi, an NFT DeFi Service on its Web3 Platform NILE
NFTFi allows users to borrow, lend, or swap their NFTs and crypto holdings, allowing them to make the most of their digital assets.
How NFTFi works in WeMade's blockchain ecosystem
WeMade, a South Korean gaming giant, has delved deeper into Web3 by launching NFTFi, an NFT-based DeFi service.
Per the official statement, NFTFi is now available on NILE (NFT Is Life Evolution), a Web3 platform built on WeMade's Wemix blockchain network. The service is split into 3 components: Leasing, Lending, and Swapping, allowing users to make the most of their digital assets. Holders can use their NFTs as collateral to borrow WEMIX or WEMIX Dollars or lend these tokens to others via an auction system. Once the Swap function goes live, they can exchange their NFTs for other crypto assets.
"NFTFi is an NFT-based person-to-person DeFi (decentralized finance) service. We plan to provide a loan lending function using NFT first, and expand the service by adding Swap in the future. NFTFi supports all NFTs sold in Nile's marketplace, including the NEITH NFTs on 'NEITH Station,' which was introduced in March," wrote Wemix.
According to the company, lending and leasing are done by auction. Lenders can borrow Wemix or Wemix Dollars using NFT as collateral. Lenders who want to lend their Wemix or Wemix Dollars to others can check the detailed loan conditions before making a bid.
The bidder who presents the best conditions will be granted the final bid, and a contract will be automatically concluded. NFTs used as collateral will remain locked up until the loan is fully repaid, with the ownership to be transferred to the lender if not repaid.
For more details, check out the official webpage.