PAWN MY NFT HOURS AWAY FROM MAKING LENDING PLATFORM LIVE
Tendieman Franklin
Jan 17th, 2022
In the short time since launch in November 2021, Pawn MY NFT ($PNFT, trading on pancakeswap) has hit several milestones on the way to the Lending Platform going live. With the NFT lending platform being rolled out today (Monday January 17th 1:00 PM EST) now is a good time to revisit the progress so far on the project, what to expect in the upcoming weeks, and a general overview of the NFT world.
NFTs saw a massive boom and exponential growth in 2021. While NFTs tapered off late in the year, a quick glance at some of the very active NFT communities and the overall pop-culture adoption of the term shows a bullish uptrend for the year of 2022. NFTs are becoming more and more ubiquitous and are popping up everywhere. Big corporations are getting in on the fun, celebrities are using them as profile pictures on social media, and a quick search of the word “NFT” on YouTube or Twitter gets you thousands of results with thousands of views. It shows no signs of slowing down.
Speaking of Twitter, the search term also consistently has upwards of 50,000 hits at any given time and consistently reaches 100,000 every few days. Communities for various NFTs and general crypto groups regularly hold Twitter Spaces for community discussions specifically regarding new collections, existing collections, and price action.
A deeper look at the biggest NFT marketplace for Ethereum — OPENSEA.io, shows that there are tens of thousands of ETH being traded every day for NFTs listed on their platform. This equates to tens of millions of dollars of volume being moved around on the platform on a weekly basis. The biggest NFT marketplace for Solana blockchain NFTs — SOLANART.io has a daily volume of 5,000 to 6,000 SOL and has 4.6 million SOL ($690,000,000 USD) traded to date.
Who are the investors and collectors buying these NFTs? The psychology behind NFTs generally goes like this: Buy NFT, wait, NFT value goes up 10,000%, sell NFT. Does that happen with every collection? Absolutely not. But when investors see it happen with one collection, then they can begin to identify which ones could potentially make those same moves.
There are thousands of investors who buy NFTs and hold them long term. Some collectors simply want to own the art. Others are willing to wait several years to see the price movement they are seeking. This means thousands of NFTs are sitting out there in wallets, and thousands of dollars of user’s assets which don’t provide any liquidity unless they are sold. PawnMyNFT.io (tools, ads, and upvote rankings) and PawnMyNFT.cash (lending platform) aims to solve this problem.
To cap off the already released staking platform for $PNFT tokens, the NFT listing upvote system, a Decentraland Metaverse Pawn Shop under construction and a partnership with Flooz Trade for credit card purchases, PawnMyNFT.io (tools, ads, and upvote rankings) and PawnMyNFT.cash (lending platform) are ready to roll out their audited P2P Lending Platform. For those seeking liquidity on long-term NFT holds, this is potentially a godsend.
The NFT lending works as follows: User A puts an NFT asset up for collateral and seeks a loan/liquidity. User B offers User A lending terms. Once accepted, the transaction is done through the platform, funds are released to User A and his NFT is locked. If a user does not pay back the agreed upon loan in time, the lender keeps the asset; in this case an NFT. The whole process is secured and safeguarded in a smart contract.
The platform will take a nominal fee on all lending activity which will be used for buy backs on the $PNFT token as well as continued development of the lending platform. In addition to offering P2P lending with adjustable parameters, they will also offer compatibility with multiple Blockchains. With the amount of new NFT collections selling out every day on Ethereum and most recently the Solana blockchain, it makes sense to plan for full cross-chain compatibility.
As for the lending, the project will start with ERC-721 NFT compatibility.
While an ETH bridge has been developed, the team has decided to wait to launch it based on some market research and consulting. Cross-chain lending development, rarity tools and completion of the Metaverse Pawnshop with Metaverse ATM partnerships can be expected mid-2022.
Additional Links:
Upvote + Rankings Platform: www.PawnMyNFT.io (tools, ads, and upvote rankings)
P2P Lending Platform: www.PawnMyNFT.cash (lending platform + available listings)
Telegram: t.me/pawnmynft
Twitter: @pawnmynft
Flooz Trade: https://www.flooz.trade/wallet/0xEC43D3153C1f08946fA71cDD3A14Af64fd58f27e/
PancakeSwap: https://pancakeswap.finance/swap?outputCurrency=0xec43d3153c1f08946fa71cdd3a14af64fd58f27e
PooCoin Chart: https://poocoin.app/tokens/0xec43d3153c1f08946fa71cdd3a14af64fd58f27e
Contract Address: 0xec43d3153c1f08946fa71cdd3a14af64fd58f27e
YouTube How To Buy: https://www.youtube.com/watch?v=bDhn4aXlEEM&t=6s
Staking Platform: https://safeswap.online/safeearn/pnft
Decentraland Metaverse Shop Coordinates: -52, 28 at www.decentraland.org
Decentraland Metaverse Shop Coordinates: -52, 28 at www.decentraland.org
