Liqdnft.com is a decentralized peer-to-peer NFT lending platform where investors can unlock the value of their NFTs without selling them. This article provides a step-by-step guide on how investors can use liqdnft.com to borrow cryptocurrencies and stablecoins by collateralizing their NFTs.
Let's jump right in.
Go to Lidqnft.com
You will be prompted to connect your wallet(e.g. Metamask) to our dapp if you haven’t already.
Once connected, you can see your wallet details on the main page including your public address.
Navigate to the borrowing page by clicking on the Borrow link in the top navigation.
On the Borrow page, you can see your NFTs unlisted on Liqdnft.com, already listed on the platform, and in escrow.
Select the unlisted NFT you want to borrow against by clicking on it. You will be redirected to a more detailed page of the selected NFT.
Click on the Get Liquidity button.
Accept the prompted Terms and Conditions before proceeding to the next steps.
After accepting the terms and conditions, you will be prompted with the Liquidity Terms that you seek as shown below. Provide the desired values, including the currency/ coin and click on the button Allow Liqd to Access your NFT. This usually happens just once per wallet to essentially allow our platform to access your assets.
Note that you can even skip providing the borrowing terms altogether - Liqd is flexible.
Your Wallet will now prompt you to confirm the permission access and allow Liqd access to your NFT. The screenshot below is for reference. Scroll down on your wallet and click Confirm.
You are one step closer to listing your first NFT.
On the same popup window, you will notice the button label is changed to Get Liquidity. Click the button to finally list your NFT on the Liqdnft platform.
Again, you can skip providing the borrowing terms altogether if you prefer.
Confirm the listing by signing the transaction in your Wallet.
Congratulation! You have listed your NFT as collateral. Navigate to Lend page and confirm your listing.
Step 5: Accept the offer.
In case lenders weren't happy with your initial terms Liqd allows them to make an offer on how much liquidity they would be willing to provide, what currency, and for what APR. Once a lender makes an offer, a notification will be sent to you visible on the Bell icon on the main navigation of our platform.
You can also visit your Account page to view the list of offers from different lenders.
The offer section will display who offered you the loan, the loan value, repayment value, and APR, i.e. the interest you would need to pay in case you choose to accept the offer.
You can now simply Accept or let the offer expire.