The NFT department continues to expand its use cases and appears to be preparing to attract millions of users in the next few years. These digital assets have been widely adopted in 2021, and as more platforms introduce features that make them more accessible, these digital assets may drive the encryption industry into a new era of adoption.
In this sense, DigiCol, a comprehensive NFT market since 2020, will break down barriers in this field and increase its adoption rate.
Recently, DigiCol became the first comprehensive NFT market to introduce collateral functions. Taking NFT financing to another level, this new element in the DigiCol ecosystem will enable users to use their NFT as collateral to borrow Ethereum (ETH), DGCL, Tether (USDT) and Other cryptocurrencies, or lend them to others.
To celebrate the launch, the platform is Provide “negative fees” for buying, selling, lending or borrowing A selection of popular NFT series, such as Cryptopunks, Sandbox, Decentraland, etc. Not only can you get a 100% platform fee refund, but you can also get free native tokens from their liquid agriculture program.
Through this mortgage mechanism, only available on this platform, the borrower has a loan period to repay the debt in addition to the interest agreed with the other party. If the user fails to pay, the lender will obtain ownership of the collateral.
Unlike traditional finance where the process is controlled by a central agency, DigiCol’s collateral function will be fully executed by smart contracts. Therefore, lenders and borrowers will not only benefit from new NFT use cases, but also benefit from frictionless, trustless and decentralized systems.
As shown below, DigiCol’s NFT Collateral platform is easy to access and use. Participants need to follow several steps to borrow or lend their NFT. These digital assets can now be used to increase the liquidity of the owner without having to separate themselves from the unique NFT.
DigiCol enters the second phase of the future of NFT finance
As of now, DigiCol supports the following contracts: Cryptopunks, ENS, Cryptovoxels, Decentraland and Sandbox, but the platform is working hard to further integrate with other popular NFT collections, such as Bored Ape Yacht Club, Desperate ApeWives, Mutant Ape Yacht Club. Expected to come out in the fourth quarter of 2021, it will follow the list of major achievements made by DigiCol and its team in the past few months.
In addition, for the overall improvement of the platform, major partnerships, and integration with large-scale projects in the crypto ecosystem, the platform will enter a new phase in 2022 with the support of its Colletral function and NFT use case expansion.
On this topic, DigiCol already has a project to solve games that support NFT. This trend has seen a huge explosion in adoption because it provides users with rewards and unique experiences that allow them to invest time in their favorite games.
2021 may be the year of NFT, but these digital assets are still in their infancy and have great potential to obtain billions of dollars from the traditional financial system. In particular, DigiCol and its users seem to be preparing to lead the NFT financial ecosystem with a unique model that can bring the entire industry into the mainstream.