NFT
Pine Protocol just lately introduced the launch of its NFT Lending Platform on Polygon.
Polygon Labs launched an official tweet to tell customers concerning the launch. Polygon boasts the second-highest market cap in terms of NFTs. Thus, the mixing permits Pine Protocol to entry Polygon’s 200 million+ wallets. On the identical time, the collaboration boosts the worth proposition of its current assortment.
Identified for its NFT-based mortgage providers, Pine Protocol acts as a decentralized non-custodial protocol. It permits debtors and lenders to work together whereas permitting customers to leverage NFTs as collateral.
Nonetheless, alternatively, Polygon permits Ethereum scaling options to energy names like OpenSea, Uniswap, and Aave. It is because of this that Pine Protocol goals to make use of the potential of each idle NFT for immediate liquidity.
Ever since its beta launch in 2022, Pine Protocol has facilitated greater than 4 million {dollars} price of NFT loans. It at present helps NFT loans for tasks akin to Bored Ape Yacht Membership, Azuki, Doodles, and so on.
Pine Protocol’s founder, Alex Ho, talked concerning the current collaboration. Based on Alex, Polygon NFTs possess the largest market cap after Ethereum. Utilizing Polygon to advertise Pine Protocol’s operations will open the NFT lending market to 200 million+ wallets.
Equally, the DeFi Head at Polygon, Hamzah Khan, has additionally praised the event. Hamzah acknowledged that integrating Polygon with Pine Protocol will facilitate cost-effective and fast transactions. It will create a simplified and seamless community amongst NFT lenders and debtors.
Because the collaboration progresses, Pine Protocol will set up its place as a dual-sided decentralized non-custodial protocol. Polygon’s worldwide attain will help the protocol in increasing its NFT asset-based mortgage transactions in a sustainable method.
