NFT Loan issued by Nexo for $3M against Zombie CryptoPunks
Collateral of two rare zombie CryptoPunks was used to secure a $3.3 million dollar loan from NFT lending platform Nexo. The loan was awarded in Ethereum (ETH) – for 1,200 Ether.The Nexo platform stated in a press release that it was the largest NFT-backed loan in the history of non-fungible tokens. The borrower is an unknown NFT collector.
The loan deal was made and issued on P2P (peer to peer) marketplace for NFT lending, Arcade.xyz. That company launched on Pawn Protocol in February 2022 and has $15 – 20 million in valuable NFTs locked up, including BAYC NFTs which are worth over $300,000 each.The NFT loan came with an interest rate of 21% per annum, and the borrower took it out for 60 days. Nexo hedged their risk with an investment manager, Meta4 Capital.
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