8 min read

Liqd - Frequently Asked Questions (FAQs)

Published on
Apr 14, 2023
This article is for general information purposes only and isn’t intended to be financial advice.
Phoenix Baker
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Navigating a new platform can be challenging, especially for those new to the concept of NFT lending and borrowing. Therefore, you may have several questions about Liqds platform. 

In this educational guide, we will address some of the FAQs and provide a step-by-step summary of key processes involved in using Liqds platform.

Is Liqd Safe To Use?

Liqd is a safe platform for NFT lending, using an escrow system through smart contracts to protect both borrowers and lenders. 

The platform's smart contracts have been audited by Hacken, receiving outstanding scores in documentation quality, IT security, architecture quality, and smart contract quality and security. 

No vulnerabilities were found, and the platform's primary smart contracts passed rigorous performance and security testing. These results demonstrate Liqd's commitment to providing a secure and reliable experience in the DeFi space.

Whitelisting NFT Collections

To ensure only verified NFTs are used as collateral on Liqd, we accept suggestions for new NFT collections to be whitelisted. To request a new collection, simply visit Liqd NFT Feedback, sign in, and submit your suggestion with the series name and OpenSea link.

Are Early Loan Repayments Possible?

You can repay your loan early, but the full interest amount is still due. Upon full repayment, the collateralized NFT will be transferred back to your original wallet.

Interest Earnings on Early Loan Repayment?

As a lender, you will receive the full interest amount, even if the borrower repays the loan early.

How To Get a Loan on Liqd?

Obtaining a loan on Liqd involves these steps:

  • Verify your asset on OpenSea
  • Connect your wallet to app.liqdnft.com
  • List your asset as collateral
  • Accept Liqd's terms and conditions
  • Configure your loan terms
  • Allow Liqd to access your NFT
  • Get liquidity
  • Update your loan terms (optional)
  • Repay your loan

View our full post on this FAQ here.

How to Use Nabu and Upshot Valuations to Collateralize NFTs?

Liqd partnered with Nabu to provide accurate valuations for NFT assets. To view Nabu valuations on Liqd, connect your wallet, copy the link provided, add the contract address, and hit enter to view the NFT valuation.

Borrowing Against Your NFTs with Liqdnft.com:

To borrow against your NFTs, follow these steps:

  • Go to liqdnft.com and connect your wallet
  • Navigate to the borrowing page
  • Select the unlisted NFT you want to borrow against
  • Click on "Get Liquidity" and accept the terms and conditions
  • Provide the desired loan values and allow Liqd to access your NFT
  • Confirm the listing in your wallet
  • Accept or decline offers from lenders

View our full article on this topic here.

To Conclude

By understanding the processes outlined in this guide, you can confidently navigate the world of NFT lending and make the most of the opportunities provided by Liqd.

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