LendNFT

A platform to borrow and lend NFT, and use NFT as a collateral.

Description

The project has allows the user to borrow DAI against an NFT collateral. The project uses last paid data as the price of the NFT, where 70% of the value of the NFT can be taken in terms of loan - it is the usual 130% overcollateralization. There are a bunch of things we need to complete before judgement day! :)

LendNFT showcase

How it's made

The project allows the user to borrow DAI loans using NFT using a Smart Contract. Initial plan was to use a Rarible-only platform but further brainstorming made us rethink that. We could use latest ERC721 price from the Smart Contract. On a talk with Adam, they suggested we use Compound to get interest on NFT, however we are still brainstorming on that. We'd like to develop this further!

Technologies used

Compound