In the news, we would like to announce and explain the first peer-to-peer loan service using NFTs as collateral in the WAX Blockchain by Credit Metaverse!
Before explaining the loan service, we want to introduce Credit Metaverse briefly. Credit Metaverse is a Metaverse ecosystem in which developing new services and making play-to-earn environment more valuable is considered. In May 2022, Credit Metaverse launched the first lending service on the WAX Blockchain, and the service provides users with access to the liquidity they need to achieve greater success in the play-to-earn space.
What is peer-to-peer loan system using NFTs?
In the NFT world, individuals can reach loans by collateralizing their NFTs with the help of peer-to-peer loan system. Thanks to the system, users in the world can access liquidity by maintaining their ownership of digital assets. Also, they can gain an amazing loan experience and encounter the opportunity to be lenders. Furthermore, we can say that people can get the best market interest rate for NFT collateral loans with peer-to-peer loan system in the NFT world.
What is Credit Metaverse’s peer-to-peer loan service?
Before the new system, Credit Metaverse provided WAX users with 1000 NFT collateral loans in the last 3 months; Credit Metaverse normally had a system where it locked up NFTs and gave loans from its own funds. Now, Credit Metaverse introduces a new financial service for improving the play-to-earn life!
The new financial service of Credit Metaverse called peer-to-peer loan system is arranged in terms of the users’ needs. The P2P loan marketplace of Credit Metaverse helps NFT asset holders for posting their applications for all lenders. Potential lenders can have the opportunity to accept the terms or make counteroffers.
In the new financial service, users will be both lenders and borrowers. To create a more optimized and free market structure, users will decide on the loan amount, interest rate, and maturity period by making offers for NFTs in the new service of Credit Metaverse.
*The peer-to-peer loan service of Credit Metaverse will be released on 30 August, 2022.
People should consider the peer-to-peer loan service using NFTs of Credit Metaverse because Credit Metaverse expects that NFT-collateralized loan services will be a highly active sector in the future. Now, the first phase of the project is special for the WAX Blockchain, but there will be the expansion to other blockchains over the coming quarters.
We would like to finish the news with the words of the founder of Credit Metaverse called Aleksi Vitakoski to show the positive impact of the project:
“Credit Metaverse helps asset holders accelerate growth by unlocking value and liquidity via a fully structured and transparent mechanism.”