NFTfi Launches Earn Season One, Promoting Responsible NFT Lending

May 15, 2023 – Cape Town, South Africa

NFTfi, a leading NFT lending platform, has launched the next phase of its loyalty program NFTfi Rewards.

In ‘Earn Season One,’ users can get rewarded with exclusive reward points for borrower-friendly loans and responsible lending behavior.

The NFT space is growing rapidly, and healthy credit markets are fundamental to its overall growth.

NFTfi’s Earn Season One reward structure has been designed with this in mind to incentivize responsible NFT lending and contribute positively to the overall NFT ecosystem.

Stephen Young, co-founder and CEO of NFTfi, said,

“We believe that NFT lending is a crucial part of the future of the NFT space, and we’re committed to promoting a healthy and non-predatory lending environment through our new loyalty program.”

The principles by which Earn Points are calculated are the following.

• Only repaid loans earn points – Aims at motivating lenders to carefully manage default risk via conservative LTVs and borrowers to not take out excessive debt they might not be able to repay.
• Larger and longer loans earn more points – Aims at motivating lenders to provide borrowers with flexible access to various loan sizes and loan durations.
• Lower interest rate (APR) loans earn the most points – Aims at motivating lenders to provide borrower-friendly interest rates and risk-adequate LTVs as a consequence.

Earn Points are earned by repaying an eligible loan. Upon taking out a new loan, the associated Earn Points can be seen under ‘unsecured points’ in the NFTfi Rewards cockpit. If the loan gets repaid, these points turn into ‘secured points.’

The NFTfi leaderboard shows unsecured Earn Points – upon starting a loan – and secured Earn Points – upon repayment.

The 500 wallets with the most secured points by the end of season one will get a multiplier of 2.5x maximum on their final balance.

NFTfi is committed to rewarding real users – not wash lenders. The program disincentivizes wash loans through various measures, including no points for loans with APRs below two percent, no points for loans with a duration of fewer than three days and no points for related wallets.

Earn Points are non-transferrable and not redeemable at present. They merely reflect the loyalty level of NFTfi users.

Certain persons, such as US residents, other US persons and persons located in the US, are not eligible to participate in the NFTfi Rewards loyalty program.

Earn Season One…