Mainstream media reports might tell you that NFTs are dead, but the holder of a CryptoPunks NFT said he wanted to prove them wrong—by taking out a seven-figure loan on one of the rarest assets in the prominent profile picture (PFP) collection.
“Here we are, four or five months removed from an article in Rolling Stone saying that NFTs are worthless,” collector and entrepreneur Gmoney said today on Rug Radio’s live “FOMO Hour” show. “And so I was like, ‘Well, what better way to show that these are not worthless if I can get a million-dollar loan against an NFT, right?”
Gmoney, the pseudonymous founder and CEO of connected fashion brand 9dcc, is known in the crypto world as someone who has made sizable bets on high-value assets. And he’s amassed a sizable following in the process, making his PFP even more recognizable.
His CryptoPunk #8219 is one of just 24 Apes in the entire 10,000 NFT collection, and others have sold for as much as $10 million in the past. CryptoPunks start at a price of nearly $140,000 worth of Ethereum on secondary marketplaces as of this writing, but sale prices for rare assets in the collection can still deliver a sizable multiple of that.
He secured the loan on Gondi, one of several NFT lending protocols that match NFT owners with liquidity providers in a decentralized fashion. Holders can take out loans with the NFT itself provided as collateral, and the counterparty floating the cash is taking a bet that they’ll earn some interest on the transaction—or maybe take the NFT itself if the loan defaults.
This particular loan was for $1 million worth of USDC stablecoin with a 14% interest rate, but for a 180-day period—meaning he’s set to pay out over $69,000 in interest for each six months.
It’s been hailed as the largest loan per date via an NFT lending platform.
ICONIC LOAN ALERT
$1,000,000 USDC loan originated against the one and only Ape Punk #8219 from @gmoneyNFT
Loan Terms: 14% APR for 180 days
Gondi is proud to help iconic assets secure loans. We are just getting started!
Thank you for paving the way G
pic.twitter.com/EgXG5za2PT
— Gondi (@gondixyz) February 2, 2024
Gmoney said that he’s an investor in Gondi, along with rival NFT lender Arcade—but lending platforms like this don’t require any special connection, reputation, or proof of real-world identity. Any owner of a valuable NFT can potentially take out a loan in a trustless fashion.
And he’s bullish on what the rise of NFT-backed loans can do to propel the space even further.
“When you think about the asset appreciation we had last cycle—that was without credit, right?” he said. “What happens when you introduce credit into the system? You start to see some pretty crazy stuff happen.”
Edited by Ryan Ozawa.
order generic clomiphene for sale order generic clomid without insurance how can i get cheap clomiphene pill buying clomid price where to get clomiphene price where can i buy cheap clomid without prescription can you get generic clomiphene without rx
Good blog you procure here.. It’s obdurate to assign great worth belles-lettres like yours these days. I justifiably appreciate individuals like you! Rent care!!
Thanks on sharing. It’s first quality.
azithromycin 500mg brand – generic azithromycin 250mg flagyl 200mg generic
rybelsus uk – buy periactin periactin tablet
buy generic domperidone – sumycin 500mg uk purchase cyclobenzaprine pill
buy inderal 10mg for sale – buy inderal pills for sale methotrexate 10mg generic
amoxicillin cost – buy combivent tablets combivent cost
zithromax 500mg pills – tinidazole 300mg ca how to buy bystolic
augmentin 1000mg pills – https://atbioinfo.com/ acillin for sale
esomeprazole online buy – https://anexamate.com/ buy generic esomeprazole online
how to buy medex – blood thinner order generic cozaar
order meloxicam 15mg for sale – https://moboxsin.com/ meloxicam 7.5mg price
order deltasone 10mg generic – corticosteroid order deltasone 10mg online cheap
top erection pills – cheap erectile dysfunction where to buy over the counter ed pills
purchase amoxicillin pills – comba moxi buy amoxicillin sale
order diflucan 100mg pills – https://gpdifluca.com/# buy cheap generic forcan
order cialis no prescription – https://ciltadgn.com/# e-cialis hellocig e-liquid
zantac 150mg over the counter – ranitidine usa ranitidine over the counter
sildenafil tablet 50 mg – https://strongvpls.com/ cheap viagra for sale
I couldn’t turn down commenting. Adequately written! https://gnolvade.com/
More posts like this would force the blogosphere more useful. https://buyfastonl.com/isotretinoin.html
More articles like this would remedy the blogosphere richer. https://ursxdol.com/amoxicillin-antibiotic/
More articles like this would pretence of the blogosphere richer. https://prohnrg.com/product/diltiazem-online/