NFTfi
Financials
Estimates*
| USD | 2022 | 2023 |
|---|---|---|
| Revenues | 1.5m | 1.5m |
| Date | Investors | Amount | Round |
|---|---|---|---|
| - | N/A | - | |
$890k | Seed | ||
* | $5.0m | Seed | |
* | $6.0m | Series A | |
| Total Funding | €10.8m | ||
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Recent News about NFTfi
EditNFTfi is a pioneering financial technology startup that operates in the niche market of NFT (Non-Fungible Token) lending. The company provides a unique platform where NFT holders can use their digital assets as collateral to secure loans in cryptocurrencies such as wETH (wrapped Ethereum), DAI, or USDC. This service is particularly beneficial for NFT collectors and artists who need liquidity but do not want to sell their valuable digital assets.
The business model of NFTfi is straightforward and user-friendly. Borrowers list their NFTs on the platform, and lenders can then make loan offers. Once a borrower accepts an offer, the NFT is transferred into a secure escrow smart contract. The borrower receives the loan amount directly into their digital wallet. If the borrower repays the loan on time, the NFT is returned to their wallet. If the borrower defaults, the lender takes ownership of the NFT. Notably, NFTfi does not charge any fees to borrowers. Instead, the company earns revenue by charging lenders a 5% fee on the interest earned from the loans.
NFTfi operates in the rapidly growing DeFi (Decentralized Finance) sector, which leverages blockchain technology to offer financial services without traditional intermediaries like banks. The platform has facilitated over $400 million in loan volume across more than 40,000 loans since its inception in May 2020. This impressive track record is bolstered by robust security measures, including double audits of their smart contract system by leading firms Chainsecurity and Halborn.
The primary clients of NFTfi are NFT collectors and artists who seek financial flexibility. By allowing them to access liquidity without selling their NFTs, NFTfi provides a valuable service that addresses a significant pain point in the NFT market. The platform's peer-to-peer model ensures that transactions are direct and transparent, further enhancing user trust.
Keywords: NFT lending, DeFi, digital assets, peer-to-peer, liquidity, smart contracts, blockchain, cryptocurrency loans, financial flexibility, secure escrow.