The Problems of NFT-Lending Services and TribeOne’s Solution
The impact of NFTs on the world of investment is undeniable. The NFT space is a brand-new and exciting medium for anyone who is looking for instruments that promise high returns, and there are many cases where users have made huge profits that no other instrument could possibly offer. Such news spreads across the globe at the speed of light and NFTs attract more attention each day, but here is the catch: acquiring NFTs is difficult.
Many NFTs on the market remain illiquid. To encounter that problem, several DeFi projects have addressed the growing need and started offering lending solutions. After all, why should investors miss out on great investment opportunities due to insufficient funds? Yet, acknowledging the need is one thing, satisfying it seamlessly is another.
Most NFT-lending platforms fail to recognize the necessity of tailored loaning options, contradicting the whole point of lending funds for NFT purchases; to make the acquisition of NFTs simpler, faster, and more accessible.
When users take a loan for an NFT, they have to transfer their newly acquired funds to the marketplace. Such transactions require a certain amount of gas fee to be paid, adding up to the total cost of acquiring the NFT. Also, sometimes such transactions require escrow wallets and bridges which are often targeted by hackers. That’s an adrenaline rush nobody ever asked for.
Another problem most NFT loan providers fail to recognize is the absence of user-friendly interfaces. Traditional finance has mastered the art of UX and UI design over the years. Since a huge majority of investors got used to completing their transactions in a few simple clicks, clunky interfaces of DeFi platforms feel outdated in comparison.
TribeOne is accepting the challenge
As we discussed above, the process of taking a loan for NFT purchases has a lot of strings attached, such as navigating unnecessarily complicated user interfaces, being has to transfer funds between different platforms, and complying with repayment models that do not suit users.
TribeOne’s recently launched dApp has gone through a meticulous development stage. Our team has carefully observed the NFT space to tailor the lending and borrowing services to all investors’ unique needs.
It only takes a few clicks to get a loan on TribeOne dApp. All users need to do is to connect their MetaMask wallets, set the LTV (Loan to Value) ratio, payment currency, and duration for which they want to take the loan. By providing users with a flexible and customizable lending service, we aim to achieve a hassle-free NFT investment ecosystem. On top of that, TribeOne loan customization options have been perfected to enhance users’ overall experience.
Costs associated with moving funds between the loan provider and marketplace platforms can be eliminated by merging both services on one platform, a platform that offers loans and has its own NFT marketplace. A platform where users can freely invest in NFTs without even switching between browser tabs.
TribeOne is the world’s first AI-powered decentralized financial platform backed with RAROC (Risk-Adjusted Returns On Crypto) technology. TribeOne is an NFT, lending, borrowing, saving, and credit risk platform that offers a seamless experience; to all the users through its innovative consumer-centric products. The platform will break barriers in the traditional financial ecosystem and revolutionize the DeFi sphere as a whole. Providing the community with a platform to lend, borrow and invest in crypto assets and NFTs. Therefore, offering an unconventional experience for all.