“NFT collector Seedphrase took out a $2.75 million loan secured by CryptoPunk token #8348. According to the platform, this is the largest NFT-backed loan in history. 🚨 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 days 17% APR | 41,250 USD origination fee […]”, — write: businessua.com.ua
NFT collector Seedphrase took out a $2.75 million loan secured by CryptoPunk token #8348. According to the platform, this is the largest NFT-backed loan in history.
🚨 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 days 17% APR | 41,250 USD origination fee
This is the single largest on-chain loan against any NFT in history! pic.twitter.com/78wekAgQbO
— GONDI (@gondixyz) November 27, 2024
A loan of $2.75 million was issued on the Gondi lending platform for a period of six months with an interest rate of 17%.
The owner of CryptoPunk #8348 is also an investor and advisor to the platform.
“By pledging CryptoPunk #8348, I was able to receive $2.75 million in equity without giving up ownership of this historic NFT. […] This liquidity allows me to strategically place funds in cryptocurrency markets,” Seedphrase explained to Decrypt.
According to the co-founder of the platform under the pseudonym Burga, this case illustrates the maturity of NFTs as an asset class:
“[Ця позика] demonstrates that NFTs are maturing as a legitimate asset class and provide digital asset holders with more efficient ways to access liquidity compared to virtually any other asset in the world.”
Seedphrase bought CryptoPunk #8348 in May 2020 for 85 ETH.
We will remind, in September NFT CryptoPunk #6915 was sold with a “paper” loss of 78%.
The source