NFTBank, a valuation protocol for non-fungible tokens (NFTs), joins forces with novel marketplace X2Y2 and its loans module
NFTBank is ready to implement its digital collectibles pricing system into one of the largest marketplaces on Ethereum (ETH) network, X2Y2. With this integration, both artists and commissioners will benefit from more accurate NFTs valuation.
NFTBank to advance NFT valuation for X2Y2 Loans
— X2Y2 (@the_x2y2) December 12, 2022
Launched in September 2022, X2Y2 Loans allows two parts to negotiate the details of the loan including the type of NFT to be collateralized, LTVs, interest rate, loan duration, and so on. As such, NFT holders can pledge their assets as collaterals to avoid selling them during a bearish market.
As the pricing of this or that NFT is of crucial importance for this financial design, NFTBank employs ML-powered technology to provide the market participants with NFT prices; 90% accuracy is guaranteed.
NFTBank’s model browses through all open information about NFTs such as floor price, rarity, and bid/ask distribution; the project has already published information about 5,000 NFT collections.
With this data aggregated through API, traders and commissioners can build more sustainable liquidity management strategies knowing the accurate price of every NFT.
X2Y2 strengthens its position in NFT sphere
In Q3 2022, X2Y2 introduced a number of interesting concepts for the NFT segment. As reported by U.Today previously, in August 2022, it made headlines by changing its royalties policy.
Thanks to its user-friendly interface and innovative architecture, X2Y2 Loans jumped to the top 3 NFT-centric loan products in two and a half months since its launch. It amassed over 8,000 Ethers (ETH) in net loans amount.
Backed by Hashed and Digital Currency Group, NFTBank broadcasts data to a couple of market heavyweights and new-gen DeFis including the likes of Chainlink, NFTfi, Pine, Stater, and Unlockd Finance.