Metapoly Beta Launch with Land NFT Borrowing & Lending
Metapoly is pleased to announce that after the team’s effort, Metapoly Dapp — Metaverse Land NFT Borrowing & Lending (Beta) is launched!
According to the Citi report 2022, the estimated total addressable market for the Metaverse economy could grow to between $8 trillion to $13 trillion by 2030. To enable the Metaverse ecosystem to grow, Metapoly has determined to build the financial infrastructure for metaverse land assets: creating liquidity and utility to metaverse lands.
Let’s recap what Metapoly has been trying to solve and how we solve it.
At the moment, there are some notable problems in the metaverse.
- Illiquid assets: It is difficult for landowners to realize their capital gain.
- Lack of use-case: Metaverse assets are not generating value for landowners and creators.
- Unaffordability: Regular users are priced out of blue chip Metaverse projects.
Metapoly addresses these issues as critical for the growth of the metaverse ecosystem, and suggests solutions below. As a Metaverse Bank,
- Unlocking assets value: We provide over-collateralized borrowing with blue-chip Metaverse land deposits.
- Leasing & building: Renting metaverse lands to builders, creators, meta-estate to create growth and value.
- Micro-ownership: We co-own blue-chip Metaverse assets and enable governance.
What is Borrowing & Lending?
In Metapoly Borrowing & Lending, lenders provide liquidity (stablecoins) to the market to earn passive income, while Borrowers can borrow liquidity (stablecoins) with an over-collateralized metaverse land NFTs as collateral.
Users will open a collateral debt position (CDP) by lending their NFTs and borrowing USDC from the protocol. Metapoly will use a dynamic interest rate model based on utilization percentage of the collateral, similar to other DeFi money markets such as Aave and Compound.
Read more on the FAQ here: https://metapoly-team.gitbook.io/doc/faq#borrowing-and-lending-related
Why collateralize your NFT?
There is a demand in the market for metaverse landowners to create some liquidity using their NFT as collateral. That’s where Metapoly comes in. On Metapoly, users can borrow liquidity for stablecoins by collateralizing “Otherside by Otherdeed NFT” at beta (more upcoming blue-chip Metaverse will be available in the near future) and repay the loan and get back the ownership of NFT.
So what do I do?
For Borrowing, users can deposit Otherdeed for otherside and borrow USDC against the value of the corresponding NFT.
For Lending, users can deposit USDC for other users to borrow, and earn interest as their passive income.
Metapoly plans to present more metaverse land assets to be on the dapp, such as The Sandbox, Decentraland, and many more. More stablecoins will also be available in the near future. As we launch this beta version of our app with our first product, Metapoly hopes to contribute to build an ecosystem to provide more liquidity and utility to the metaverse ecosystem.
Which price oracle does Metapoly use?
Metapoly works with the Chainlink Labs team to complete the NFT oracle price feeding. Chainlink’s secure, robust decentralized oracle network enables Metapoly to incorporate both floor prices and sales of recent purchases in its valuation.
Now Metapoly beta app is ready, we’d like to invite our community to join us, starting with Borrowing & Lending.
[Beta app on mainnet]
Important notice: Always double check and ensure to use the official link.
[FAQ on Borrowing & Lending]
[Beta app tutorial for Borrowing & Lending]
Metapoly, Metaverse bank that creates liquidity and utility for your metaverse assets. Borrow & Lend, Stake, Lease, and more.
Join the movement today with Metapoly.org
See our official links: https://linktr.ee/metapolyorg