NFBank and X2Y2, the third largest NFT store on Ethereum and an emerging NFT lending platform.
Over the past two years, NFT financial resources have emerged alongside the growing trend of NFTs. Moving on to the NFT market and collectors, recent events show NFT loans, NFT loans and NFT items – a platform that operates transactions for NFT as a collection. Following this trend, X2Y2, the third largest NFT exchange in the world with a total trading volume of more than $950 million, launched its own NFT lending system in September.
X2Y2 Loans is a P2P (peer to peer) lending platform, where individual NFT holders meet with a lender to arrange a loan term. These two sections discuss the issue of loans based on the benefits of NFT, such as LTVs, interest rates, and the duration of the loan.
Although NFTs are not the most liquid assets, NFT-backed loans help solve this problem by providing liquidity even when the holder cannot sell their NFTs.
However, in this case, knowing the exact benefits of NFTs becomes very important. Loans are discussed based on the value of each NFT, and knowing the correct value of the contract allows lenders and borrowers to correctly agree on different loan terms.
To provide its users with accurate NFT price data, X2Y2 has partnered with NFBank, a leading NFT price provider. For a long time, the price of NFT was a mystery. Not only is every NFT unique, but business transaction data is also very limited. And NFBank has sought to solve this problem with the introduction of NFT.
Years of work have led to advanced statistical algorithms based on machine learning to provide price estimates for each NFT with over 90% accuracy. Using information such as price floor, scarcity, and supply/demand distribution, NFBank’s ML model calculates a unique price value for each given NFT in the collection. Today, NFBank provides price information for more than 5,000 NFT collections and makes it available in both its API and its own application.
With the status of NFBank supporting each NFT listed in the X2Y2 loan, users can make better decisions with more information than before when preparing the loan process. For example, lenders can accurately determine how much NFT they will lend, and lenders can analyze how quickly NFTs are used to lend money.
X2Y2 Loans is notable for being the first marketplace to go on a lending platform. With more than 3,000 DAUs, X2Y2 enjoys the trust of many buyers and sellers in the market.
With the above market lending service, its users can make buying and lending decisions on one platform. Just two and a half months after its launch, X2Y2 has become one of the top three NFT lending platforms with close to 8,000 ETH in total lending.
Meanwhile, NFBank is already the NFT analysis solution for the services that are important in the situation. Known for its NFT price tracking, NFBank recently integrated into the MetaMask DApp wallet, where it also provides data for Chainlink, NFTfi, Pine, Stater, and Unlockd Finance. NFBank supports Hashed, DCG and other partners and investors.
History of NFT Bank
NFBank is an NFT wallet management tool and analysis engine, helping users make informed decisions about their NFT wallets and enabling advanced DeFi use cases.
The NFT analysis engine powered by NFBank ML covers more than 5,000 transactions with high precision. You can find more information about NFBank here.