NFTBank operates NFT pricing for X2Y2 loans
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 NFT era.
The NFT era
Over the past two years, NFTs have exploded in popularity along with the rise of the crypto industry. Beginning in late 2020, NFTs began to go mainstream, with superstar athletes such as Steph Curry and Tom Brady purchasing BYAC NFTs.
Steph Curry shows a BAYC NFT as his Twitter PFP.
The boom in NFTs has created a need for NFT financing structures, such as NFT backed loans, NFT leasing and NFT derivatives.
To follow this trend, X2Y2 Loans launched its own NFT lending 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 largest marketplace on Ethereum, with a trading volume of over $950 million. In fact, in just two and a half months since its launch, X2Y2 became a top 3 NFT lending platform approaching 8,000 ETH in total lending volume.
However, because loans are based on the value of an individual NFT, it is crucial that the value provided is accurate.
This is where NFTBank comes in.
What is NFTBank?
As mentioned above, in order to value NFTs efficiently, X2Y2 partnered with NFTBank, the leader in NFT valuation.
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NFTBank is a utility 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 minimum price, rarity and bid/ask distribution, NFTBank’s ML model calculates a single price value for a given NFT in a collection.
Currently, they provide price 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 well-known projects in the NFT area. Examples include MetaMask, Chainlink, NFTfi, Pine, Stater and Unlockd Finance.
NFTBank is arguably the easiest way to build and manage your entire NFT portfolio from one place. And with NFTBank’s valuation supporting all NFTs listed on X2Y2’s loans, users can now make more efficient decisions about their NFT loans.
To find out more, visit their website here.
