Join us in showcasing the cryptocurrency revolution, one newsletter at a time. Subscribe now to get daily news and market updates right to your inbox, along with our millions of other subscribers — what are you waiting for?use of NFTs and its related technologies to achieve greater liquidity and finance transactions
Relative to DeFi, the core pillars of NFTFi are still early in development. Protocols such as lending & borrowing, decentralized exchanges, yield farming and derivatives are common pillars between DeFi and NFTFi. In addition, the uniqueness of NFTs as an asset class opens up new product verticals, such as fractionalization, rental, pricing and marketplaces. This adds greater vibrancy to the growing NFTFi ecosystem.
At the collection level, Art Gobblers enthusiasts traded over $10M[9] in value over a day. It surpassed the 30D volume traded on BAYC collection in just a day.With NFTFi, the development in the financial layer of NFTs will help accelerate the growth of the NFT market and bring in many more new users into the NFTFi and broader NFT ecosystem.
Liquidity providers who deposit two-sided liquidity in NFT and ETH, and stake their LP tokens into incentivized vaults on Collection.xyz currently receive rewards in the form of ERC-20 tokens. For example, the Azuki ETH vault on Collection.xyz incentivizes two-sided liquidity with 0.46 WETH and 10 USDC worth of rewards[12]. This encourages liquidity providers to provide more two-sided liquidity for the Azuki NFT collection to earn rewards.
Despite the challenges, we observe a significant number of talented teams and investment professionals building and funding the NFTFi market. The estimated funding accumulated by NFTFi startups has exceeded $128M to date.Teams such as Metastreet, Collection.
Meanwhile, Spice Finance is aiming to be the Yearn Finance of NFTFi by aggregating lending liquidity and optimizing capital deployment. Their goal is to unlock first-class yields with NFT lending opportunities for anyone. They are currently in beta and will launch in the coming months.
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