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During the last month or so, the battle of the NFT marketplaces took an surprising flip, with the theme of the NFT lending taking middle stage. Now, to convey Solana into the fold, Magic Eden has partnered with leverage buying and selling platform, Robox, to launch a neat new ‘buy-now, pay-later’ function.
Presently in its non-public alpha section that customers can be a part of by way of its web site, Robox will enable merchants to buy Solana NFTs on Magic Eden with as little as a 30% down fee. By the scheme, it should basically freeze the chosen NFT within the holder’s pockets in the course of the mortgage. Nevertheless, they are going to nonetheless retain utility advantages akin to non-public Discord entry, airdrops, whitelist allocation and extra.
As soon as enterprise the mortgage, the brand new proprietor will face 3 choices almost about the way forward for the NFT. Firstly, they’ll decide to repay the mortgage plus its curiosity, which can successfully unfreeze the NFT and permit them to realize full entry to the token. Secondly, they’ll select to promote the NFT and repay the rest of the stability with the proceeds. Or, they’ll depart the agreed phrases to run their course, which can see the Robox platform ‘auto-sell’ the asset to recoup the funds.
We’re pleased to announce that Robox customers can now purchase NFTs listed on @MagicEden for under 30% of the worth!
They will additionally listing and immediately promote their NFT collateral via ME!
How does it work? Let’s dive in (1/8) pic.twitter.com/UAiP50fuNm
— Robox: NFT leveraged buying and selling – Solana Grizzlython (@Robox_Fi) Might 29, 2023
Robox and Magic Eden Allow a Check Drive Possibility for NFTs
The brand new system differs barely from lending platforms akin to these supplied by Blur and Binance, because it acts extra like a test-drive function for NFTs. Consequently, these eyeing a specific assortment, however reluctant to make the leap, can now trial it for a fraction of its worth, whereas nonetheless unlocking the advantages related to it.
By the initiative, Robox has additionally added a $SOL staking function, which can enable of us on the opposite aspect of the fence to supply liquidity to the platform whereas incomes a dose of APY for his or her troubles.
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*All funding/monetary opinions expressed by NFT Plazas are from the non-public analysis and expertise of our web site moderators and are meant as instructional materials solely. People are required to totally analysis any product prior to creating any sort of funding.
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