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NFBank Is Cooperating

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NFBank partners with X2Y2, a third-party Ethereum-based NFT marketplace, and an emerging NFT lending platform. The infrastructure for investing in NFTs has developed over the past two years as the use of NFTs has increased. NFT lending, NFT rental, and NFT items are current developments from NFT markets and collectors and serve as a trading platform for NFT as a collection.

X2Y2, the world’s third largest NFT exchange with a total trading volume of over $950 million, launched its own NFT lending platform in September in line with this trend. Individual NFT holders negotiate a loan with a payment provider using the X2Y2 Peer-to-Peer (P2P) lending system.

The two parties negotiate the loan, including LTVs, interest rates and other loan terms, based on the value of the NFT. NFT-backed lending helps solve this problem even though NFTs aren’t the most liquid by providing any money even when the holder can’t sell their NFTs.

But in this situation, having an accurate estimate of NFT value is very important. The lending process is negotiated based on the value of each non-fungible token (NFT), and having an accurate estimate of the value of the contract allows lenders and borrowers to agree on terms they are equal and consistent. X2Y2 has partnered with NFBank, a leading NFT pricing company, to provide its customers with accurate NFT pricing information.

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NFBank and NFT

NFT pricing is difficult for some time, because each NFT is different and there is a lack of market transaction data. And NFBank has been working to solve this problem since the inception of NFT.

The culmination of years of research and development is an open-source machine learning system that can generate price estimates for individual NFTs with over 90% accuracy. The machine learning algorithm used by NFBank determines the unique price value for each NFT included in the collection using various types of data such as price floor, scarcity, and supply/demand distribution.

Currently, NFBank provides price information for more than 5,000 different NFT collections and makes it available to users through application programming interfaces (APIs) and dedicated mobile applications. Users can choose more loan methods than before, as NFBank Value supports any NFT listed in X2Y2 loans. For example, lenders can choose more precisely how much NFT they will pledge as collateral for a loan, while lenders can better identify which NFT they need to finance.

The fact that X2Y2 Loans was the first store to move to the lending platform is the main reason for the company’s popularity. The fact that X2Y2 has more than 3,000 DAU shows that a large number of buyers and sellers trust it. Since lending services are placed on the market, users now have the ability to make lending decisions in addition to purchasing decisions on the same website.

Just two and a half months after its launch, X2Y2 has entered the top three active NFT lending operations, with a total lending volume of around 8,000 ETH. Meanwhile, NFBank has established itself as the industry standard for NFT pricing solutions. In addition to providing data for Chainlink, NFTfi, Pine, Stater, and Unlocked Finance, NFBank, known for its NFT price insights, recently integrated into the MetaMask dapp wallet. Hashed, DCG, along with other partners and investors, support NFBank.

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