How to start borrowing at NFTfi?
August 24, 2022 ・ 5 min read
As a borrower, you offer your NFTs as collateral to receive wETH, DAI, or USDC loans from the lender (peer-to-peer).
The loan will start only after you choose and accept the loan offer (that you have received from the lender).
If you default on your loans, the lender will get the NFT that you have put up as collateral. There are no auto-liquidations on NFTfi!
This borrowing guide is made using Ethereum testnet. Testnet is used for testing purposes only, the tokens have no monetary value, but testnet works the same as the mainnet.
Please make sure that you have connected your Metamask and are on the Ethereum Mainnet network before you start using NFTfi.
Listing your NFT
In order to list your NFT as a collateral on NFTfi, you need to go to your assets page. You can get there by clicking the Borrow wETH/DAI button.
You can also click Borrow and then Assets.
You should be able to see the NFTs that are in your wallet. Click on the NFT that you would like to list.
Now you have two options, you can list your NFT as a collateral with or without specifying desired loan terms.
If you don’t want to specify your desired terms, then click on the List as collateral button to move forward.
If you would like to specify the desired loan terms, click on different dropdown menus (currency, amount, duration, and APR). Select and set each parameter as you wish.
In case you are not sure what APR to choose, you can specify the total amount you’d like to repay, and it will automatically calculate the APR for you.
Click List as collateral.
At this point, if you are a new user and this is your first offer on NFTfi, you will need to grant permission from your wallet. You will need to grant that permission only once, and you will not see this request for your next listings anymore.
Confirm on your Metamask popup by clicking the Confirm button (gas fees will be charged by the Ethereum network).
To proceed, click Next.
Now you will be able to review the loan terms. If you are happy with them and would like to proceed, click the Confirm button.
At this point, you will need to sign your Metamask wallet.
If you’d like NFTfi to send you email notifications each time you receive an offer, please fill out the Email field and click save. You can also see notifications on your NFTfi account if you click the bell icon next to Account.
Your listing is now live on NFTfi!
You can update the terms or remove the listing anytime.
Accepting an offer
NFTfi will notify you about new offers in the notifications tab on your NFTfi account.
We will also send you email notifications each time you receive an offer in case you’ve filled out your address while listing your NFT.
The number of received offers is also shown right under the repayment amount.
On the NFT asset page, scroll down to see the offer. Click the Accept button next to the offer that you want to accept.
Review the offer and make sure if you want to accept it. If you do, click Yes.
Confirm the transaction in your Metamask wallet (please note that you will need to pay a gas fee).
Once the transaction in step 4 is confirmed, the loan will be executed. At this point, you will receive wETH or DAI in your wallet, and your NFT will be transferred to the escrow smart contract.
Rest assured that no one will have access to your NFT during your loan period, and it will be sent back to your wallet address as soon as you repay the loan.
Repaying a loan
Please note that you should repay your loan latest by the due date, but you can repay your loan anytime before that if you decide to do so.
In order to repay your loan, click Borrow and then choose Loans.
Click on the loan that you would like to repay.
Click Repay loan.
If you are a new user and this is your first offer on NFTfi, you will need to grant permission to access your wETH from your wallet. You will need to do this only once: when you repay your very first loan on NFTfi.
Click Confirm in your Metamask wallet. Please note that you will need to pay a gas fee for this transaction.
To proceed, click Next.
At this point, you will need to confirm the transaction in your Metamask wallet. Please note that you will need to pay a gas fee.
Once the transaction is confirmed, the full repayment amount will be sent to the lender, and your NFT will be back in your wallet.
Follow us on Twitter and join our awesome Discord community if you need more help with borrowing on NFTfi.
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