NFTs Open Up an Entirely New World In 2021, NFTs (non-fungible tokens) burst onto the mainstream with a furor rarely witnessed in the financial markets. And it would seem that many in the crypto space believe they will keep up the pace in the coming months and years. A new platform called Arcade, which has pledged to use NFTs in conjunction with loan collateral, has raised an impressive $15 million, which was revealed on Wednesday. Pantera Capital is one of the many groups participating in the Series A funding. Richard Ma and Zac Prince have also lent support.
DeFi Heats Up in Many Ways Now that the decentralized finance space is worth around a quarter of a billion dollars, it makes sense that DeFi is attracting so much attention for its wide-ranging potential. With NFTs accounting for much of that $250 million, the co-founder of Arcade — Gabe Frank — has pointed out that there needs to be a better infrastructure in order to promote liquidity.
Arcade Ramps Up Its Capabilities in a Big Way With the recent influx of cash, it should come as no surprise that Arcade is now hiring for almost a dozen positions. However, it should be noted that other groups have taken a strong interest in the NFT loan space. A platform called drops, which is based in Lithuania, has declared its intent in this arena. Teller Financial is a group that has promised to extend credit without even having users post collateral, which will be an intriguing process indeed. For this purpose, the group has stated that a set of special NFTs will be used. ETNA Network is another group that crypto insiders are watching when it comes to loans. As the DeFi space continues to grow — and NFTs continue to keep even mainstream investors beguiled — it seems that there is no limit to what can be accomplished in this space. Loans and credit seem like a very natural extension of what is already happening.