NFT lending

Many owners of precious Bored Ape Yacht Club (BAYC) and CryptoPunks NFTs, who used them as collateral to take out loans in Ether (ETH), have failed to repay their debts. The situation could lead up to the NFT sector’s first massive liquidation event. gm. As a result of the floor dropping to 72, the first BAYC liquidation auction on BendDAO has begun Starting price of 68.4e… Any takers or is this going to be the first bad-debt domino that falls for the platform? pic.twitter.com/7qxsIi661e — Cirrus (@CirrusNFT) August 18, 2022 BAYC “death spiral” incoming? DoubleQ, the founder of web3 launchpad Double Studio, says lending service BendDAO could liquidate up to $55 million worth of NFTs to recover its loans, fearing the so-called “health factor” of these deb...