NFTs as collateral. The metaverse is here,
Lastly, we have platforms like NFTfi that are offering NFT collateralized loans. By putting up any ERC-721 token up for collateralization, other users can begin offering you a loan. Once accepted, the ETH gets paid to you and the NFT is locked in the NFTfi smart contract, only to be returned once your loan is paid. If you can’t pay back the loan then the NFT is then transferred to the lender. NFTfi has already supplied nearly $4 billion USD in loans.
From Web3 Report Q3 2021:
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