NFTfi

NFTfi is a startup that offers a simple marketplace for NFT collateralized loans. Its platform allows users to utilize their NFT assets as collateral for a loan or to offer loans to other users against their non-fungible tokens.

Borrowers can put any ERC-721 token up for collateralization and accept loans, wherein the ETH is paid out from the lender's account, locking the NFT in the NFTfi smart contract. Upon repayment, the asset is transferred back; if repayment isn't made before the due date, the asset will be transferred to the lender.

Lenders can browse and offer loans on their preferred NFTs, with the possibility of obtaining the asset in case of borrower default. The startup, established in 2020 and based in South Africa, received a noteworthy $6.00M Series A investment on 11 March 2024. The investment was made by a consortium of investors including LongHash Ventures, HASH CIB, Placeholder Capital, Reciprocal Ventures, the LAO, Cypher Capital, Punk Ventures, Launch Labs, Kahuna Ventures, and Brevan Howard Asset Management. NFTfi operates within the finance and financial services industries, presenting an innovative approach to NFT-backed lending.