Where does my NFT go?

Where does the NFT go?/ What happens to the nft.The NFT goes into our escrow in the our smart contract. Once in escrow this NFT can only be released on 2 conditions:

1. The full loan amount plus interest IS repaid before the predetermined loans expiration time. If this happens the NFT will be transferred back to the wallet of the borrower.

2. The full loan amount plus interest IS NOT repaid before the predetermined loans expiration time. If this happens the NFT is transferred to the wallet of the lender. This smart contract has been audited by Hacken with a 10/10 score for security.

What is the frequency of the payouts to lenders and how is it dependent on the loan terms?

There is only one payout. The repayment to lender is only made at the point in time that the loan and interest incurred is repaid in full.

What is Liqd?

The platform allows individuals who hold NFT assets to unlock liquidity by borrowing against the value of their asset(s). In turn, Liqd unlocks a peer-to-peer lending opportunity for crypto holding individuals to lend capital for a set interest rate, backed by the value of the underlying NFT asset.

What if you only repay a portion of the loan?

This is not possible as the loan plus the interest can only be repaid in full. Users can either repay in full or they can't repay at all.

What happens if someone doesn't repay

In the event that the loan is not repaid, the NFT which was used as collateral is transferred to the wallet of the lender (the person who provided the liquidity).

Is there a limit on how much a wallet can borrow at a time?

In short, no.

The limit on the amount a user can borrow is limited to the amount of collateral they can put up to borrow liquidity. The more collateral, in this case NFTs, the more you can borrow.

Is Liqd safe to use?

Liqd uses an escrow system as a way to protect both borrowers and lenders when an NFT is used as collateral for a loan. The escrow system is implemented via smart contract, which is a program that is executed on the blockchain and that enforces the terms of the loan.

All our smart contract are audited by Hacken and have recieved outstanding scoring. Hacken audited Liqd's smart contracts and associated source codes, as well as performed a comprehensive security assessment.

  • Liqdnft audit has received a score of 10 out of 10 in documentation quality, IT security, and architecture quality of the system.
  • We scored 10 out of 10 in smart contract quality and security.
  • We have received a score of 8 out of 10 in code quality.
  • No security vulnerabilities were found in our smart contracts.
  • Our two major smart contracts, i.e., UsdbLendingCode and UsdbLending have also passed rigorous performance testing and security and integrity testing with flying colors.

Read our published blog for more details on the audit.

The audit results for Liqd are a strong indication of the our commitment to security and quality. We received top marks in all categories which is of paramount importance in the DeFi space.

How to find a specific NFT

If you cannot find an NFT in your wallet. here is a simple workaround

Ensure that you have connected with the wallet that holds the NFT you are looking for.

Then paste this link https://app.liqdnft.com/asset/ into  the address bar of your browser and affix the contract address of the NFT you are looking to use as collateral.  

How do you prevent fake series

Only verified collections on Opensea and collections which have been manually approved by Liqd can be used as collateral for the loan.