NFTBank, an NFT portfolio management tool, and valuation engine, has partnered with X2Y2 Loans, a peer-to-peer lending platform for NFT holders, another significant development in the era of NFTs.
The NFT Era
Over the past two years, NFTs have exploded in popularity along with the emergence of the crypto industry. Beginning in late 2020, NFTs began to go mainstream, with superstar athletes such as Steph Curry and Tom Brady buying BYAC NFTs.
Steph Curry displays a BAYC NFT as his Twitter PFP.
The boom of NFTs has created a need for NFT financialization structures, such as NFT-backed loans, NFT rentals, and NFT derivatives.
To follow this trend, X2Y2 Loans launched its own NFT loan platform back in September. X2Y2 allows NFT holders to negotiate loan terms with liquidity providers based on the value of their NFTs. It is now the third biggest marketplace on Ethereum, with a trading volume of over $950m. In fact, in just two and a half months since its launch, X2Y2 became a top 3 NFT loan platform approaching 8000 ETH in total loan volume.
However, because loans are based on the value of an individual NFT, it is critical that the value stated is accurate.
This is where NFTBank comes in.
What Is NFTBank?
As stated above, to valuate NFTs effectively, X2Y2 partnered with NFTBank, the leader in NFT evaluation.
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NFTBank is a tool and valuation engine for non-fungible tokens. It allows users to manage their NFT portfolio and make informed decisions about their NFT holdings. NFTBank uses a machine learning-based algorithm to provide price estimates for individual NFTs with over 90% accuracy. By evaluating factors such as floor price, rarity, and bid/ask distribution, NFTBank’s ML model computes a single price value for any given NFT in a collection.
Presently, they provide pricing information for over 5,000 NFT collections. They make this information available through APIs and a dedicated app. NFTBank’s services are used by a number of notable projects in the NFT space. Examples include MetaMask, Chainlink, NFTfi, Pine, Stater, and Unlockd Finance.
By far, NFTBank is the easiest way to build and manage your entire NFT portfolio from one place. And, with NFTBank’s valuation supporting every NFT listed on X2Y2’s loans, users can now make more efficient decisions on their NFT loans.
To find out more, visit their website here.
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