X2Y2

NFTBank has partnered up with X2Y2, which is currently the third largest NFT marketplace on Ethereum and is also a developing NFT loans platform. NFTBank is a platform for managing NFT portfolios as well as a valuation engine. It gives users the ability to make educated decisions on their NFT portfolios and enables sophisticated DeFi use cases. The ML-powered NFT valuation engine that NFTBank offers covers more than 5000 projects with a high level of precision.Along with the growth in popularity of NFTs over the course of the past two years has come the development of infrastructure for their financialization. Expanding further from the realm of NFT markets and aggregators, recent developments have shown the emergence of NFT-backed loans, NFT rentals, and NFT derivatives – all of which are platforms that serve trading activities for collecting NFTs. This September, X2Y2, which is the third largest NFT marketplace in the world and has a total trading volume of more than <a href="https://dappradar.com/ethereum/marketplaces/x2y2/marketplaces" rel="noopener noreferrer nofollow">$950 million</a>, established its very own NFT loans platform.<h2 id="header-0">Provide Users With Accurate NFT Pricing Data</h2><a href="https://x2y2.io/loan" rel="noopener noreferrer nofollow">X2Y2 Loans</a> is a platform for peer-to-peer (P2P) lending, which means that it connects individual NFT holders with individual liquidity providers for the purpose of settling a loan term. The terms of the loan, including the loan-to-value ratios (LTVs), interest rate, and loan length, are negotiated between the two parties depending on the value of the NFT. Even if NFTs are not the most liquid assets, holders who are unable to sell their NFTs can still access liquidity through NFT-backed loans.Having said that, in this scenario, it is of the utmost importance to be aware of the precise value of the NFT. Loan terms are determined based on the value of individual NFTs, and the ability to accurately assess the value of collateral enables lenders and borrowers to reach agreements that are more equitable and diversified. X2Y2 entered into a partnership with NFTBank, the industry’s preeminent provider of NFT valuations, with the goal of delivering precise NFT price data to its user base.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/11518cae27fd4e15a798ed4a830ef351.png" />Pricing NFTs has been a difficult problem for a very long time; not only is every NFT different, but there is also a severe lack of data regarding sales transactions. In addition, NFTBank has made efforts to address this concern ever since the inception of NFTs. After years of work, a sophisticated statistical algorithm based on machine learning was developed. This algorithm is able to generate price estimates for individual NFTs with an accuracy of at least 90%.The NFTBank ML model determines a single price value for any particular NFT in a collection by computing it based on information such as the floor price, the rarity of the NFT, and the bid/ask distribution. Today, NFTBank provides pricing information for more than 5,000 different NFT collections, and it makes this information accessible via APIs as well as through its very own app.<h2 id="header-1">Streamlining The Process Of NFT-Backed Loans</h2>Users are now able to make better decisions and have a lot more information than they had in the past when choosing the terms of their loans thanks to the valuation help provided by NFTBank for each and every NFT that is listed on <a href="https://x2y2.io/" rel="noopener noreferrer nofollow">X2Y2</a> Loans. For example, borrowers are able to make more informed decisions regarding the amount of their NFT that they are willing to pledge as collateral for a loan, while lenders are able to more readily hunt for NFTs that they are prepared to provide liquidity for.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/6a8d2213bd0d406ab16891c9369f7799.png" />It is significant that X2Y2 Loans was the first marketplace to transition onto a loans platform since this gives the company a unique position in the industry. Given that it has more than 3,000 daily active users (DAU), X2Y2 has earned the trust of a significant number of buyers and sellers in the market. Users of the marketplace may now make decisions on both their purchases and their loans all inside the same platform thanks to the addition of the loan service. After only two and a half months since its inception, X2Y2 has risen to become one of the top three NFT loan platforms, with the total loan volume getting close to 8000 ETH.While this is going on, <a href="https://nftbank.ai/" rel="noopener noreferrer nofollow">NFTBank</a> has already established itself as the go-to NFT valuation option for major projects in the industry. NFTBank, which is known for the information it provides regarding NFT pricing, has recently incorporated into the portfolio dApp that is offered by MetaMask. In addition, it provides data for Chainlink, NFTfi, Pine, Stater, and Unlockd Finance. Hashed, DCG and a number of additional partners and investors are providing financial backing for NFTBank.

NFTBank Joins Forces with X2Y2 Loans to Power NFT Pricing for Users

Table of Contents

BlockchainReporter

Other articles published on Dec 19, 2022

Bitcoin Lightning Network to be Used to Facilitate Fiat Transfers Between EU & Africa

Announcing MultiDAG 2.0 Mainnet Hard Fork Date!

Luxor Technologies Hashrate Index Publishes Study On BTC Miner

Tezos Activates 12th Lima Protocol Upgrade to Offer a Leaner and More Secure Blockchain

Binance Now More Likely To Face Sanctions Charges In US Investigation

MOBLAND PUBLIC SALE: A HOW TO GUIDE

Join our free newsletter for daily crypto updates!