Recently, a collector also bought a fake Banksy NFT for a whopping £244,000.
Even though the collector,Pranksy, had his digital currency returned after what seemed to be a scam.
It’s worth noting that you have to be extremely careful when shopping around for these unique digital collectibles.
Many people appear to be getting excited and aggressively purchasing these so-called NFTs without giving it much thought.
Before making any impulsive purchases, you need to ask yourself a few simple questions.
For example, is what you are acquiring really worth it?
It might seem trivial to determine whether an item is really worth the price, but in the heat of the moment, our judgment can be quite off.
Do You Really Know or Understand What You’re Buying?
Potential buyers also need to truly understand what an NFT actually is. An NFT or non-fungible token is simply an item that cannot be traded like other assets.
That’s because each of these NFTs is meant to be unique. Being a one-of-a-kind item makes them valuable, but that’s not always the case.
After paying a large for an NFT with hopes of selling it for higher price might not always work out. So finding that eager buyer who would gladly pay even more for the digital collectible can become quite difficult.
However, there are some projects out there that can make it a lot easier for sellers to find buyers.
It’s well-known that the art and collectible markets are a lot more “liquidity-starved” compared to the traditional equity, gold markets, and other assets.
And this issue is a lot more evident in the NFT space, which is in its initial stages of growth and development. It could take a really long time to match prospective buyers with appropriate sellers or lenders and borrowers.
Without enough liquidity, NFT owners might end up selling their collectibles for a lot less than the price they paid for them.
Getting the Best Price for Your Valuable NFTs
A new project known as Drops allows NFT holders to acquire funds by putting their NFTs up as collateral.
Lenders can benefit from a chance to make sizable profits without worrying about repayments because the loan is backed by an NFT that either equals or exceeds the total loan amount.
Drops.co has been specifically developed to provide loans for NFT and DeFi-focused assets.
The initiative aims to offer people with legitimate options that allow them to effectively leverage their assets for loans. They may also engage in yield farming.
With Drops, users are able to borrow against DeFi and NFT-type assets. It’s also possible to lower the opportunity cost of holding governance or liquidity tokens by putting them up as collateral to earn more yield.
Through Drops, you are also able to use NFTs as collateral to acquire trustless loans. Lending through Drops is powered by public NFT lending pools.
Good APY’s canbe made with their “idle” or parked assets. It can be done by providing stablecoins or governance tokens to either fungible or NFT lending pools.
More Utility for Your NFTs
There’s a lot more utility for NFTs with Drops as the platform offers “DeFi-style infrastructure” to NFTs. This increases the utility of idle NFT assets.
Users may leverage their NFTs to get easy loans and generate yield, while also lowering the opportunity cost of holding NFTs on a long-term basis.
The Drops infrastructure might become systemically important as we start seeing the rise of ‘financial’ NFTs – which is a natural expansion of the space beyond simple digital artwork into more “tangible” financial instruments.
NFT lending pools on Drops can be useful for many different types of users.
Anyone has the ability to establish an NFT Lending Pool by specifying accepted NFTs and amounts that may be borrowed against them.
Users who might be seeking yield can provide liquidity through Drops to NFT lending pools and starting backing assets they are confident about.
Collectors can supply NFT with stablecoins and then get matched up with the most competitive rates.
Nothing Beats Common Sense
While platforms like Drops provide many ways for market participants to get the best deals for NFTs, you still need to do your own research. NFTs are just like any other financial market where you need to exercise caution and make well-informed decisions. It’s also a good idea to remind yourself that you should always invest only as much as you are willing or can afford to lose.
Snoop Dogg Partners With Metaverse Sandbox
- Snoop Dogg partnered with the Sandbox.
- Snoop Dogg creates, shares and monetizes NFTs on Ethereum (ETH).
The crypto world’s presence continues to be felt in and outside the crypto space. This time, the famous rapper Snoop Dogg partnered with the Sandbox. In detail, the Sandbox is a non-fungible token (NFT) project of Metaverse. Through this gaming ecosystem, Snoop Dogg can easily create, share and monetize NFTs and gaming experiences on Ethereum (ETH).
The Sandbox gaming ecosystem will also allow the rapper to build his own mansion where fans can participate. For instance, Snoop Dogg can create his own palace or mansion of his liking where the player can join Snoop at his parties and concerts.
Snoop Dogg further explained:
I’m always on the look-out for new ways of connecting with fans and what we’ve created in The Sandbox is the future of virtual hangouts, NFT drops and exclusive concerts.
Snoop added that NFT brings online adventure to the next level. he said,
We’ll have a fresh set of Dogg style NFTs that players can integrate into the game experiences to take this online experience to the next level for sure, he said.
On the other hand, the NFT space continues to make noise that can be heard everywhere. Today, NFT is not limited to arts. It has also entered the world of play-to-earn games such as Cryptozoon and My DeFi Pet, to name a few. Through this, we can say that the crypto world is one step closer to dominating the digital and financial system of the world.
Ethereum’s NFTs Can Now Be Moved to Solana: Here’s How
Wormhole bridge for digital collectibles goes live to bridge Solana and Ethereum: details
Wormhole, the development team behind the world’s first-ever bridge between Ethereum (ETH) and Solana (SOL) smart contracts platforms, now boasts NFT functionality.
Ethereum, Solana now have common NFT ecosystem powered by Wormhole
According to the official announcement shared by Wormhole cross-chain bridge vendor, Ethereum and Solana users can now send NFTs between two blockchains.
Starting from today, Sept. 22, 2021, holders of digital collectibles on Ethereum (including iconic Crypto Punks, Degen Ape Academy and so on) can now seamlessly move them to Solana (SOL).
In its inaugural releases, the product will support only the most popular standards of digital collectibles: ERC-721 and SPL tokens. More standards, including ERC-1155, will be added soon.
To send NFTs between the two chains, users should only connect wallets (Metamask, Sollet and so on), customize the chain and target account and choose NFTs to transfer and authorize the transaction.
Cross-network bridges are on fire
This release is part of Wormhole’s second iteration (Version v2). As covered by U.Today previously, Wormhole is going to integrate more chains like BSC and Terra (LUNA) in this version.
As DeFi and NFT adoption gains steam, the usage of cross-network bridges is rocketing. Ethereum-Polygon bridges are the most popular in the Web3 universe.
Also, USD Coin (USDC) stablecoin by Circle has surpassed Ether as the top asset of cross-chain bridges.
Taker Protocol Secures $3M to Build New Financial Primitives Into the NFTs Market
- Taker Protocol announced it has raised $3 million from well-known investors.
- It secured the fund to build new financial primitives into the NFTs market.
Taker Protocol announced it has raised $3 million from well-known investors. The crypto liquidity protocol for the non-fungible token (NFT) said it secured the fund to build new financial primitives into the NFTs market.
According to Taker Protocol, the round was led by Electric Capital, with DCG, Ascentive Assets, Dragonfly Capital, Spartan Group, The LAO, Sfermion, and Morningstar Ventures.
Taker Co-Founder Angel Xu commented, expressing his excitement about the investment fund.
We are absolutely thrilled to welcome so many well-established investment funds to the team. Their participation heralds an exciting new phase for the protocol as we seek to address persistent problems in the NFT lending market for the benefit of end-users. This investment will enable us to further optimize the liquidation of NFT assets across multiple blockchains, removing the barriers to entry that prevent new players from entering the market.
Furthermore, Xu adds that they are using an innovative approach to solve the biggest problem in the NFT space. “With Taker, we are one step closer to the world where anyone anywhere can use their NFT assets to take out a loan.” (Maria Shen, Partner at Electric Capital),” she says.
Taker Protocol is a multi-strategy, cross-chain lending protocol for lenders and borrowers to sell and rent digital assets. More so, the platform provides liquidity via its lenderDao support and extensions that integrate into NFT marketplaces.
In addition, the blockchain platform strives to solve liquidity issues that the NFT industry faces. To specify, the firm said it would allow lenders and borrowers to liquidate and rent assets like NFTs, financial papers, synthetic assets, and much more. The team also added that they would create new liquidity streams and possibilities.
As per the team, the funds raised will help the firm launch the complete version of the protocol across multiple chains. This includes Ethereum, Polygon, Solana, Binance Smart Chain (BSC), and Near Protocol.
Note that Taker’s DAO includes many Curator DAOs. Even more, the team said that each sub-DAO will manage its whitelist and a price for any NFT on its whitelist if the borrower defaults on the loan. Highlighting the interest of the DAOs with that of the lenders, Taker said it would lessen the risk exposure for the lenders. Aside from this, the team will also optimize the profits for the DAOs.
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