Glancedoor.com
NFT loans are a type of financing where individuals who own Non-Fungible Tokens (NFTs) can use their NFTs as collateral to obtain a loan.
These loans can be in the form of cryptocurrency or fiat currency
Collateral: NFT holders list their NFTs and set the desired terms of the loan.
Loan Offers: Other users provide loan offers based on the listed NFTs.
Acceptance: When a borrower accepts a loan offer, their NFT goes into a secure escrow smart contract, and they receive the borrowed cryptocurrency directly to their wallet.
Repayment: If the borrower repays the loan within the agreed-upon timeframe, they receive their NFT back.
No Auto-Liquidation: Unlike some DeFi platforms, NFT loans do not risk auto-liquidation based on market fluctuations2.
Liquidity: NFT holders can access liquidity without selling their NFTs.
Sharky.fi, or simply Sharky, is a Solana-based lending and borrowing protocol that uses NFTs as collateral to facilitate the DeFi processes on the network.
Interest rates, naturally, will vary depending upon on-platform activity. Usually, APY rates for active loans range between 110% and 200%, though they can go up to 300%.
Overall, it’s important to view this prediction as a possibility, not a guaranteed outcome. Here are some resources that can help you form your own informed investment decisions: