X2Y2, the third largest NFT marketplace on Ethereum and NFT loans platform, has teamed with NFTBank, a portfolio management tool and valuation engine for NFTs. With this collaboration, the company hopes to supply its customers with more accurate NFT pricing data. NFTBank’s valuation now backs all of the NFTs found on X2Y2 loans, giving borrowers far more information with which to negotiate favorable loan terms.
Why the partnership creates a synergy
X2Y2 Loans is a P2P lending platform where NFT holders and liquidity providers can meet to negotiate the terms of a loan directly with one another. It’s a meeting place where the parties can discuss the terms of the loan based on the NFT’s worth. Even though NFTs are not the most liquid assets, holders nonetheless have access to liquidity through NFT-backed loans. This is a key use case for NFTs as they seek to establish their position as assets worth investing in.
Using data like floor price, rarity, and the bid/ask distribution, the ML model at NFTBank determines a single price value for any given NFT in a collection. NFTBank provides APIs and a mobile app with access to price data on more than 5,000 NFT collections. Already, major projects in the industry are turning to NFTBank as their go-to NFT valuation solution. In addition to supplying data for Chainlink, NFTfi, Pine, Stater, and Unlockd Finance, it has just become integrated into the portfolio dapp that is offered by MetaMask.
With over 3,000 daily active users, X2Y2 enjoys widespread credibility amongst buyers and sellers alike. As the loan service is built on top of the marketplace, consumers have a single location from which to manage both their borrowing and buying decisions. In the short period of two months and a half since its introduction, X2Y2 has quickly risen to the ranks of the top three NFT lending platforms, with a total loan volume of around 8000 ETH.