Hey Guys , we are near the end of the 2nd year since we launched and we have come a long way.

20 Jun 2023, 02:11

Hey Guys , we are near the end of the 2nd year since we launched and we have come a long way. The NFT lending Dapp has been successfully running and processing NFT loans where despite the fluctuations in NFT prices we have managed to mainatin a healthy loan book which will only prosper with NFTs becoming more accessible. With that being said we have had alot of work being undertaken to ensure we do stay up the curve in the NFT space for financial products, we will be annoucing shortly a V3 of the Dapp which will allow users to trade NFT prepetuals! Just to give context for some who may not be aware of what prepetuals or perps are, they allow users to speculate on the price movement of an underlying asset without owning the asset itself. Now, combining these concepts of NFT & perp contracts that derive their value from a specific NFT. Instead of directly owning the NFT, users can buy and sell these derivative contracts, which track the value of the underlying NFT. The price of the NFT perp contract is determined by the market based on supply and demand dynamics. When you hold an NFT perp, you can profit from price movements without physically owning the NFT. If you anticipate the value of the NFT to increase, you can buy the perp contract at a lower price and sell it later at a higher price, thereby making a profit. Conversely, if you expect the value of the NFT to decrease, you can sell the contract first and buy it back at a lower price, thereby profiting from the price decline. We will be offering additional features such as leverage and the ability to go long or short. It's important to note that trading NFT perps will involve risks but we would expect risk tolerance to be mitgated with our users who would be savvy 😄 but we would try to keep safeguards to ensure new users dont get sucked into something they arent prepared to deal with. We are confident that the V3 will bring on a new set of users to interact with the protocol and will bring renewed excitement to this space!