NFTs
ArcadeXYZ Secures $450,000 in Ringers NFTs
NFT lending remains strong despite the overall downward trend in prices.
Arcade.XYZ, a non-fungible token (NFT)-based lending protocol, secured $450,000 worth of NFTs from Dmitri Cherniak’s Ringers collection on July 24.
The loan is structured with a principal of $16,000 per NFT, and the current highest bid on the Ringers collection on Opensea is 8 wETH, equivalent to approximately $26,000.
The big loan comes at a time when darlings of the generative art scene like Ringers and Fidenzas continue to see their floor prices drop. Bells It is Fidenzas both have surpassed the 2021 minimum price of 100 ETH and are now at just 17 ETH and 32 ETH.
Collateralized Ringers – Arcade.xyz
Despite the slowdown in sentiment and prices around NFTs, the lending market continues to process consistent volume.
Some of the largest platforms, Blend, Gondi, NFTfi, and Arcade process over $80 million in outstanding debt combined. The NFT lending market broke volume records in Q1 2024, surpassing $2 billion in total volume.
Q1’s extraordinary lending volumes can be attributed to Blend’s Blast airdrop incentive and the rise of Ordinals loan in the Arcade.
The largest NFT loan belongs to CryptoPunk 8219 by NFT collector Gmoney, which was guaranteed for $1 million in Gondi XYZ, and holds a current principal of $700,000. A far cry from the claims made in the mainstream media that “Your NFTs are actually, finally, totally worthless.”