GMoney secure $1M CryptoPunk NFT loan, dey challenge NFT valuation narratives
Renowned NFT collector and entrepreneur GMoney don borrow im CryptoPunk 8219 of $1 million for loan for Gondi NFT lending platform, wey interest rate na 14% for 180 days. Dis one na di biggest NFT-backed loan for Gondi and e go cause serious interest cost. E use di loan from im fashion brand 9dcc to refute di talk wey dem dey run for mainstream media, like di Rolling Stone article wey dey say NFTs no get value. Im investment for NFT lending platforms like Gondi and Arcade dey show how NFTs dey grow as financial asset, and how dem fit get credit without di traditional verification of reputation or identity. Dis event show di evolving way wey NFTs dey work inside DeFi space and e fit change wetin people dey think about NFTs as investment assets.
Bullish
D use of high-value NFT as collateral for big loan by well-known person like GMoney fit dey show bullish sign for crypto market. E mean say dem get faith for di long-term value of NFTs and di way wey dem dey use am as collateral fit lead to more liquidity and financial innovation for di market. Even though di interest rate dey high, wey dey show di risk wey dey involve, di readiness of lenders to join such transactions dey show confidence for di NFT space. Di market fit see dis event as endorsement of di value of NFTs and as step forward for DeFi practices, wey fit boost trader sentiment in di short term and help di market grow for di long term.