How to get a Loan

1. You have a verified asset (via OpenSea) that you would like to use for collateral.

2. Connect your wallet to App.Liqdnft.com and select “My Assets” from the dropdown menu in the upper right corner that now lists your connected wallet address.

3. Find the asset you would like to list, select it, and then at the bottom of its page click “List this asset as collateral”

At this point, a popup will appear with Liqd’s terms and conditions. Please read and (if you agree) select “Accept & Continue” at the bottom of the popup to use liqd:

By continuing, you agree and accept the below terms and conditions.

  • To grant Liqd the full management and control access to your NFT posted as collateral.
  • To pay the full interest amount on the acquired loan even when its repayment is completed within the agreed upon terms.
  • To repay the loan with interest only with the wallet address used to sign the loan contract.
  • That the lender becomes the sole owner of your NFT should your loan has been defaulted on.
  • You cannot repay any loans and negotiate new loan terms after the loans have been defaulted on.

4. After accepting the Terms and Conditions, a popup will appear where you can configure your loan:

-   The crypto you’d like to borrow (wBTC, wETH, DAI, USDT, or USDC) – selectable on the left side of the first line as a dropdown menu.

Note: A loan must be repaid in the same crypto that it is borrowed from.

-   The amount of the loan, set by you.

-   The duration of the loan (How many days, weeks, or months you’d like the loan for)

-   And the APR you are requesting

Once all of those are inputted, the Repayment amount (in current dollar value) will update. THIS $ value is just an estimate. The actual loan is generated in the crypto you selected above and must be repaid (with interest) in that same currenc from the wallet that borrowed it.

Note: Each of these values (as well as the asset you listed) will impact a potential lenders likelihood of lending to you. If you are unable to receive a loan as you expect, you can update the terms of the loan by selecting “update terms” from the assets page (still from My Assets as before).

If all of these meet your expectations, select “Allow Liqd to Access your NFT”

5. At this point, a request will be initiated from your wallet to give Liqd access to this particular NFT.

Because Liqd is the conduit for the loan, you need to grant explicit permission for it to interact with the NFT you are using for collateral.  This is similar to the requirements that you grant for a token swap on Decentralized Exchanges.

6. After the above request is approved, you will then see the button at the bottom of the window has changed to “Get Liquidity,” which you’ll need to approve in order to post the asset to the Liqd site.  

It will generate a prompt for “Signature” or “Signing” of a transaction, which essentially allows Liqd’s smart contracts (presuming another party agrees to your loan terms), to remove the asset from your wallet and place it in Escrow (more on this in a moment), where it will be held until you have repaid the loan as agreed.

As mentioned above, you are able to update the terms of your requested assets loan (BEFORE the loan is fulfilled) by navigating to your assets page.

7. After completing the “Get Liquidity” transaction.

Your asset will still be in your wallet. It will be listed on Liqd’s pages for others to review your terms and (if they so chose) generate a loan.