London, UK: DeFi For You has launched a nonfungible token (NFT) marketplace where users can buy NFTs that have real-world assets attached to them.
The marketplace is underpinned by a system of evaluators — largely licensed pawnbrokers — who are trusted with storing, insuring and issuing hard assets to the NFT holders (for a fee, of course).
Assets tradable on the marketplace include valuable jewelry, gold and diamonds to begin with, but will expand to include real estate (via Dig Chain), cars and just about anything else that can be kept in storage and represented by an NFT.
“Real world assets have inevitably found their way on-chain,” says DeFi For You CEO Adam Chaplin. “This will allow users around the world to own real-world assets that can be traded instantly on the blockchain.”
DeFi For You is partnering with major pawnbroking companies in the United States and the United Kingdom to facilitate hard NFTs. It’s also allowing stablecoin loans to be issued against them.
“This will revolutionize DeFi by allowing people to get crypto loans against anything valuable they have lying around the house,” says Chaplin. “They can then use our Dig Chain to bring their real estate on-chain and get a loan against that too.”
This mix of digital and physical assets represented in one NFT marketplace will bring more diversification of crypto assets and more accessibility to markets like property and commodities.
DeFi For You recently completed the world’s first hard asset NFT collateralized pawn deal which was filmed by ITV as part of the new series of Million Pound Pawn. The show will be aired in March. The asset was a stunning 50-carat sapphire ring. The loan offer was 75,000 Tether (USDT) lent by an early adopter of crypto pawnbroking in South East Asia.
50-carat sapphire ring was turned into an NFT and used as collateral for a 75,000 USDT loan.
About DeFi For You
DeFi For You is a crypto and NFT pawnbroking platform that lives on Binance Smart Chain. DeFi For You partners with real-world pawnbrokers to store and insure physical assets and create NFTs representing them. These NFTs can then be loaned against in the DeFi For You peer-to-peer (P2P) lending ecosystem.
The native token is DFY.
About Dig Chain
Dig Chain is a sovereign delegated proof-of-stake (DPoS) blockchain built in the Cosmos ecosystem that will tokenize and govern real estate on-chain. Dig Chain uses the IBC protocol to connect to other chains in the Cosmos space.
Dig Chain is a hub chain with multiple “sub-chains” below it, each representing a geographic region. This is to ensure that each sovereign blockchain can comply with local regulations regarding real estate. They all connect back to the parent Dig Chain.
This is a paid press release. Cointelegraph does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company. Cointelegraph is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This news is republished from another source. You can check the original article here
Be the first to comment