by Analytics Insight
March 4, 2022
NFTs are “minted” on blockchain-like networks similar to those of cryptocurrencies. Know how to make money with them.
We all have a friend with a friend who has made thousands of dollars from NFTs. We thought it was a fad at first, but now admit that NFTs can’t be ignored. Not when a digital artwork sold for $91.8 million in December of last year (‘The Merge’ by Pak).
The immediate use case for NFTs is clear even to newcomers: artists are experimenting with a new digital platform to sell their work. If you’re not an artist, you can still make money with NFTs. NFTs are “minted” on blockchain-like networks similar to those of cryptocurrencies, giving the advantage of instant, inexpensive, and secure digital art transactions. The difference is that with NFTs, each has a different value, which traders can take advantage of by buying and selling popular digital art NFTs.
But the NFT space is about to get a whole lot more interesting. Breakout crypto EverGrow Coin has announced the imminent rollout of an NFT lending platform, which promises to be the “world’s first decentralized marketplace to facilitate liquidity in NFT DeFi”. This means a new mechanism for making money from the NFTs you own, instead of just keeping them in an NFT wallet.
How does the NFT loan work?
So far, money earned from NFTs has come from two sources of income: minting and selling your own NFTs, and buying and selling NFTs on a digital marketplace. NFT lending, however, is a new concept that could allow NFT owners to earn income without necessarily losing their assets.
According to the EverGrow Coin whitepaper, their new NFT marketplace will allow NFT owners to use their assets as collateral to borrow. They can access fair interest rates while providing a source of cryptocurrency without selling their NFT assets.
EverGrow PartThe NFT Marketplace will allow traders to buy and sell NFTs, including those obtained through liquidated collateral on the NFT Lending platform. This liquidated collateral in turn creates a competitive market for buying NFTs at a price below their standard market value. EverGrow’s NFT Marketplace will also feature a typing tool for new artists to create their own NFTs using images, videos, and other data.
When will EverGrow Coin NFT Lending launch?
The EverGrow team has set the end of the first quarter as the deadline for the launch of its NFT Marketplace and NFT Lending capabilities. This means that NFT owners can expect new use cases for their digital assets within a month. EverGrow Coin has already established itself as the #1 rewards token (paying over $35 million) on the Binance Smart Chain (BSC) in just 5 months of operation.
EverGrow Coin also announced the launch of the world’s first social media platform to enable fiat and crypto payments in subscriptions, tips and advertising fees. Crator will aim to introduce cryptocurrencies and NFTs to a wider audience, and could also lead to greater exposure for NFT artists and traders.
You can follow EverGrow Coin developments on the following channels:
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