Seedphrase, a renowned crypto, and non-fungible token investor, has taken a $2.75 million loan on premier NFT lending protocol Gondi using his CryptoPunks #8348 non-fungible token as collateral. This NFT loan is the largest single on-chain NFT loan ever since the evolution of the NFT lending market. The loan shows that NFTs can now be considered viable financial instruments.
I just made the largest on-chain loan in history with CryptoPunk #8348 for $2.75M on @gondixyz 🎩
This move underscores how NFTs like CryptoPunks are evolving from cultural artefacts to dynamic financial instruments, resulting in a transformative shift in how we think about… pic.twitter.com/FhxEA4LbGn
— seedphrase (@seedphrase) November 27, 2024
NFT Investor Takes $2.75M NFT Loan Against His Punk #8348
In a November 27 blog post, the Gondi team confirmed that it had issued a $2.75 million loan to the non-fungible token and crypto investor Seedphrase, using his one-of-a-kind CryptoPunk #8348 NFT collection as collateral. The NFT lending protocol expects Seedphrase to return his loan with an annual percentage rate of 17% and a $41,250 origination fee within just 180 days.
🚨 RECORD-BREAKING NFT LOAN 🚨
The unique 7-trait Punk #8348, owned by @seedphrase, was just used as collateral for a 2,750,000 USDC loan on GONDI.
Terms: 180 day | 17% APR | 41,250 USDC origination fee
This is the single largest on-chain loan against any NFT in history! pic.twitter.com/78wekAgQbO
— GONDI (@gondixyz) November 27, 2024
Launched in July 2023, GONDI is a popular decentralized peer-to-peer non-custodial NFT lending protocol that aims to offer the most flexible and capital-efficient primitive. Gondi revolutionizes the lending landscape for NFTs by offering a cutting-edge platform that enables users to access loans with enhanced affordability, speed, and flexibility. It has undergone some upgrades to empower borrowers and lenders to fine-tune their strategies like never seen before.
The NFT lending platform GONDI is the trusted lending solution for top NFT collectors in the space, including Seedphrase, Cozomo de’ Medici, and Phantom Scribbler. GONDI has grown to become the leading protocol in the NFT lending market, attracting collectors from renowned collections like CryptoPunks, Autoglyphs, Fidenza, and Chromie Squiggles.
The $2.75M Loan Marks A Milestone For NFT lending
The recent $2.75 million loan marks a significant milestone for NFT lending and the general NFT market. This move underscores how NFTs like CryptoPunks are evolving from cultural artefacts to dynamic financial instruments, resulting in a transformative shift in how people think about digital assets and liquidity. Moreover, the loan terms demonstrate how NFTs are maturing as a legitimate asset class.
NFT HISTORY has once again been made on @gondixyz 🥂🥳
The LARGEST single on-chain NFT loan ever
And with the legend, @seedphrase 🫡
Chat, how much TVL does this add to the already $70 million TVL on GONDI? https://t.co/EhFLSrQLiJ
— Signore Gondi ⚜️ (@SignoreGondi) November 27, 2024
In the meantime, Seedphrase has shared that he intends to utilize the secured crypto liquidity to strategically deploy funds into the crypto markets, particularly now that the market is anticipated to undergo its fourth bull cycle. In the past several weeks, the crypto market, led by the flagship crypto, Bitcoin, has experienced a bull run following the re-election of crypto-friendly President Donald Trump. Industry experts predict the crypto and NFT markets to continue flourishing in the coming weeks or months.
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