First look at NFT Hard Pawn Marketplace of Defi For You
It is quite an exceptional Friday for our BDA ( Blockchain Developer Asia) team. As the strategic technology partner of Defi For You, all the troops have been undertaking the scheduled launch of NFT Hard Pawn Marketplace late this evening after 6 months of development. This marketplace is the first and unique platform in the world, which will allow people to turn physical assets such as watches, cars, art, diamonds, etc into NFTs used as collateral for Defi loans.
Defi For You NFT Hard Pawn Marketplace, the new standard
So why is this Hard NFT Marketplace the first and unique in the world?
Let’s take a look at the traditional source of funds for individuals looking to borrow: banks. By definition, that’s what they do: They take in money (deposits) then distribute that money in the form of financing products, like mortgages and consumer loans at an annual interest rate of 6-25%.
Another less common but still prominent lending source is pawnbroker that offers secured loans to people, with items of personal property as collateral. While many items can be pawned, pawnshops typically accept jewelry, home equipment, computers, gold, silver, cameras, and valuable documents like ID cards, certificate of land use rights as collateral. The rate of interest is around 13.2% per year.
But what if you want to borrow money but you don’t have an item accepted as a pledge or all you have is an Apple Watch or an amount of BTC/ETH/USDT etc?
Our NFT Hard Pawn Marketplace holds a great promise for its users: lenders can find Hard NFTs ( representing underlying physical assets) that borrowers want to get a loan against. At the same time, users will also be able to buy Hard NFTs in this marketplace and redeem the physical assets, while subsequently burning the NFT.
The platform will remove the middleman from the process, which saves much time, effort and reduces considerable risks than going through an official financial institution, especially with cross-the-border transactions. Both lenders and borrowers reap other financial benefits from our NFT Hard Pawn Marketplace. For lenders, the loans generate income in the form of interest, which often exceeds the rates that can be earned through a savings account. For borrowers, often receive a more favorable interest rate or terms on the loan than from conventional sources too.
Together with Defi For You pawnbroking features coming soon this October, the hard NFT Pawn Marketplace are our unique selling points and we are very excited to be almost ready to launch them. Please find some other juicy announcements in mid-October here.
To sum up, this beta launch marks an important milestone in the product development process of Blockchain Developer Asia (BDA). Despite the long WFH period, spirits have always been high and progress is constant. Congratulations BDA!!!
Take a sneak peek at the Soft and Hard NFT marketplace and how do you feel?