What can I do with my NFT? Lend it!
Since everyone would love to have NFTs, only a few think about what to do with them. Buy and store are not the only options. Here comes Oort Digital — a new project that allows you to send, borrow, lease, trade, pay, mine, and game with your NFTs. What is more this project aims to create an account in which a single NFT can be used and played in different gaming environments! Let’s give it a try.
So what is it all about?
NFT is a non-fungible token, which has recently gained attention in the “real world”. It’s a special type of cryptographic token that represents something unique, such as a digital work of art.
NFTs can be bought and sold, and their provenance is controlled by blockchain technology. This “blockchain” is in fact a decentralized (i.e. without central management units) database containing information about transactions or events.
How can Oort Digital help?
While building a decentralized NFT data marketplace Oort Digital aims to document NFT trading prices, interest, and so on through NFT leasing, trading, collateralized market to provide a benchmark of NFT valuation. Why? Because pricing NFTs is difficult due to their unique characters. But we love that uniqueness, don’t we?
All you need is MetaMask Wallet connected and some NFTs stored. You have to set lending duration — the maximum time people can borrow your NFTs. Borrowers can stop borrowing anytime they want, and only pay for the time of the leasing.
Whats is the value of your NFT?
It’s worth as much as someone wants to pay for it. But what if one wants just to borrow it for a while? Then the value of the NFT is in your perspective (in Dai). Borrowers need to put Dai as collateral to borrow. In case the borrower doesn’t return the NFT, you have the right to foreclose and claim the collateral.
You should set the price for lend. That would be the price that borrowers need to pay for the max lending duration specified. Borrowers need to pay the price upfront, and the price will be streamed into the borrower’s wallet in seconds. If the borrower returns the NFT before max lending duration, the remaining price will be returned back to the borrower’s wallet.
Not only for pros
What if you know someone who would like the idea of NFT but he or she does not know anything about blockchain? Ultimately, Oort Digital aims to build an NFT super account with a seamless user experience. Users don’t have to have a lot of knowledge about crypto and blockchain to use the super account. Oort Digital also aims to educate the users about DeFi and NFTs by providing them guidance and examples of real-life usage.
The project is improving. In the upcoming version, Oort APP will migrate to Layer 2 to help saving more gas fees for users.
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