🃏Borrowing NFTs

Unlock the potential of your NFTs by borrowing against them on VTOPIA Marketplace. This section provides a step-by-step guide on how to borrow funds using your NFTs as collateral.

Borrowing Against NFTs on VTOPIA

VTOPIA Marketplace offers a secure and efficient way to borrow funds using your NFTs as collateral. This feature allows you to access liquidity while retaining ownership of your valuable digital assets.

How It Works

Step 1: Navigate to a Collection

1. Explore Collections:

   • Browse or search for your desired NFT collection on VTOPIA Marketplace.

   • Click on the collection to open its detail page.

2. Access the Borrowing Tab:

   • Within the collection page, locate the "Lend/Borrow" tab next to other tabs such as "Items," "Activity," and "Offers."

   • Click on the "Lend/Borrow" tab to access the borrowing features.

Step 2: Browse Loan Offers

1. View Available Loans:

   • In the borrowing section, browse through the list of available loan offers.

   • Each offer displays key details such as loan amount, duration, and Interest Rate (APY).

   
2. Select a Suitable Offer:

   • Compare different loan offers to find one that best fits your needs.

   • Click on an offer to view more details.

Step 3: Accept the Loan Offer

1. Review Loan Terms:

   • Carefully review the loan terms, including the loan amount, duration, and interest rate (APY).

2. Confirm the Transaction:

   • Ensure your wallet is connected.

   • Select the NFT to use as a collateral.

   • Click the "Borrow" button to confirm the loan terms.

   • Approve the transaction in your wallet application. Your NFT will be locked as collateral.

Step 4: Manage Your Loan

1. Track Your Loan:

   • Navigate to the "My Profile" section and click on "My Lend/Borrow" to view your active loans.

   • Monitor the repayment schedule and due date.

   
2. Make Repayments:

   • Repay the loan amount plus interest by the due date to unlock your NFT.

   • Early repayment options are also available if you wish to repay the loan ahead of time.

3. Default Handling:

   • If you fail to repay the loan on time, the lender will receive your NFT as collateral.