2.2.1. Borrowing

Users who want to apply for a loan with their NFT asset simply connect their wallet and choose one of them to collate. The TrustNFT Evaluation Machine then calculates the borrower’s maximum loan limit according to the desired loan term and suggests two options:

2.2.1.1. NFT Loan Market This option is very similar to an NFT marketplace. Users list their NFTs on the loan market alongside the requirements of the loan, and lenders can make offers against specific collateral. Lenders may be interested in particular NFTs, and may offer better loan terms for borrowers. Sometimes, it might take a while until another community member shows an interest in P2P lending against your NFTs. On the other hand, if an NFT is unique and some community members value it more than others, then the borrower might have the option to request more loan funds.

2.2.1.2. NFT Lending Pool Users simply put their NFTs into the NFT auto lending pool and, depending on the funds in the pool, they almost immediately receive their loan directly to their connected wallet. This can come in the form of the following tokens: TRUSTNFT, DAI, ETH, BTC, USDC, USDT, or other cryptocurrencies.