How to use Private Offers?
September 28, 2022 ・ 3 min read
What are private offers?
Lenders can use private offers to make a loan offer to potential borrowers for assets that are not publicly listed.
Private offers can also be used by friends or parties who know each other but would like to facilitate a loan without listing an asset on NFTfi.
Please note that for this feature, although the NFT can be owned by people who have not used NFTfi before, the NFT still has to be from a collection already listed on the platform.
How to use private offers on NFTfi?
First, we will cover private offers from the lender’s perspective and then from the borrower's perspective.
Private offers from the lender’s perspective
Click “Lend” and then “Private Offers.”
Now you will need to get the URL of the asset for which you want to make a loan offer on opensea.io and copy it.
Paste the URL in the field and press the “Lookup” button.
You will see the asset’s page, which will show the NFT as unlisted (if the asset happens to be listed already, please note that other lenders can make offers). Click “Make offer.”
Fill out the loan offer terms and click “Make offer.”
Sign the transaction to confirm the offer.
Once the wallet popup opens, click “Sign.”
Your offer has been created, and you can now share its URL with the asset owner. You can also update the terms or revoke the offer before it has been accepted.
Private offers from the borrower’s perspective
As a borrower, you will receive a private offer link (the lender should send you the link) that takes you to the asset page. Connect your wallet that holds this asset, and you will see offer terms. Before accepting, you can view the lender’s history via Etherscan.
You can accept the offer and receive this loan like any other loan on NFTfi.
Sign the transaction (please note that you will need to pay gas in ETH for this).
Once the offer is accepted (and confirmed), the loan will be executed just like any other loan on NFTfi.
You can click “Add to my calendar” to receive the notification before your loan due date & time! To learn more about calendar notifications, read this blog post.
You can also renegotiate your loan, to learn more about loan renegotiations, click here.
You can always check the status of your loan if you navigate to Borrow in the main menu and then select Loans.
If you are new to borrowing on NFTfi, you can learn more here.
Follow us on Twitter and join our awesome Discord community if you need more help or want to connect with other NFT finance pros.
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