Earn Season 1: APR Incentive Update
July 05, 2023 ・ 3 min read
NFTfi Rewards Earn Season 1 went live on May 15th, designed to reward borrower-friendly loan terms and a responsible lending market.
Today we’re making Earn Season 1 more inclusive.
More Earn Points for more users
Our Earn Season 1 announcement describes how Earn Points are currently calculated.
We are proud to have become the go-to NFT lending platform for long-term loans against high value assets such as CryptoPunks, Autoglyphs and Chromie Squiggles - these (typically low APR) loans maximally benefit from the current Earn Point reward structure.
One other strength of NFTfi is that we offer the widest selection of collateral of all NFT lending platforms (almost 500 collections). Following community feedback, we recognize the need to make Earn Season 1 more inclusive for more users and collateral types.
New Max Point APR Curve
Today we are changing the points formula to more generously reward more users with Earn Points. The maximum points a given loan can receive now drop off much slower and plateau at 50% of max points for loans between 70-100% APR. Loans with APRs over 100% do not earn points.
The new Max Point APR Curve will be activated today at 2 PM CET / 8 AM ET / 5 AM PT and only applies to loans initiated thereafter. Any loans initiated before this time and still ongoing will receive points according to the previous curve.
Boost your Earn Points by up to 2,5x
Remember that the 500 wallets with most secured points by the end of Season 1 will get a multiplier of up to 2.5x on their final balance. Earn Season 1 is currently planned to end in 3-4 months. The new Max Point APR Curve will make it much easier for more users to break into the top 500 and secure their multipliers still in time.
This incentive update will contribute to more borrower-friendly loan terms for a much larger range of collections than before, and more fairly reward more users with Earn Points.
We remain committed to making any necessary changes in the future to further promote responsible lending, and keep NFTfi the most borrower-friendly NFT lending platform.
This is not an offer of tokens or securities. Reward points are at present not redeemable. They are planned to be redeemable for blockchain tokens at a later point in time for eligible users. Certain persons (such as US residents, other US persons and persons located in the US) are not eligible to participate in NFTfi Rewards, and their points (if any) will not be redeemable.
This blog post is for informational purposes only and should not be construed as financial or investment advice. Investments in loans carry inherent risks, and the value of NFTs can be highly volatile. Users should carefully consider their risk tolerance and investment objectives before taking out loans. Refer to the NFTfi Rewards FAQ and the NFTfi Terms and Conditions for more details before participating in the loyalty program.
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