'Almost everything in our daily life is non-fungible like our house and car. We will see a big increase in this market in terms of different types of NFTs and new utility with it,' said Paraspace developers.
According to a recent report published by nonfungible token money market protocol Paraspace and multichain wallet BitKeep, the current amount of NFT borrowing and lending, or NFTFi loans, has surpassed $430 million across 43,521 borrowers. The highest proportion of collateral comprised the most popular NFT collections, such as Wrapped CryptoPunks, Bored Ape Yacht Club and Mutant Ape Yacht Club.
“The lack of liquidity in NFT trading is mainly caused by limited user numbers, difficulties in pricing, and high NFT prices. We thus observe two extreme scenarios where the TOP 10 NFTs maintain a certain level of liquidity with little fluctuation between projects, while other NFTs are sold at discounts."
“Typically, users can only borrow ETH against a single NFT. For us, users can use a basket of NFTs + ERC20 to borrow collection assets . This gives our platform an opportunity to aggregate liquidity into one place and thus increase the capital efficiency for liquidity."
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