NFTfi, a leading NFT lending platform, has recently launched the next phase of its loyalty program, NFTfi Rewards. The platform’s ultimate goal is to promote responsible NFT lending, and its Earn Season 1 is designed to incentivize it through borrower-friendly loans and responsible lending behavior. NFTfi believes that healthy credit markets are fundamental to the growth of the NFT space, which is expanding rapidly.
The Earn Season 1 program rewards users for repaid loans through exclusive reward points. Larger and longer loans that have lower interest rates (APR) earn more points, and the first 500 users on the leaderboard with the most secured points at the close of the season will get a 2.5x multiplier on their final balance. NFTfi is committed to disincentivizing wash loans and rewarding only genuine borrowers. The Earn Points, however, are non-transferable, and users can’t redeem them yet.
NFT lending is a rapidly growing market, with the global NFT market estimated to reach $13.6 billion USD by 2027, according to MarketsandMarkets. NFT lending also provides liquidity to NFT holders who use their assets as collateral for loans. It also addresses the lack of traditional financing options for NFT holders and the need for a healthy credit market in the NFT space. Nevertheless, NFT investments pose significant risks. Hence, users should carefully evaluate their risk tolerance and investment objectives before taking out loans.
NFTfi is a non-custodial, decentralized, peer-to-peer lending platform built on the Ethereum blockchain where smart contracts facilitate transparent and secure transactions between borrowers and lenders. Since May 2020, users have transacted over $400 million on the NFTfi smart contracts.
Users interested in the NFTfi Rewards program can learn more by checking the platform’s Earn Points cockpit and the FAQ section.