NFT-Backed Loans an Ice Breaker in Crypto Market Downdraft Story

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Decentralized finance (DeFi) and non-fungible tokens (NFTs) are two of the hottest segments going in the blockchain space. DeFi has paved the way for activities like staking, yield farming, lending, and borrowing on the blockchain, while NFTs have transformed how collectors invest their money from the real world to the metaverse.

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DeFi and NFTs are said to represent the future of finance, the credit markets included. These innovations give cryptocurrency users something to focus on while the bitcoin price, which tends to influence the direction of the broader market, continues to hunt for a bottom.

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The numbers don't lie. According to DeFi Llama, the DeFi market currently boasts $194.8 billion in total value locked (TVL), reflecting the size of cryptocurrency assets that users have poured onto protocols with names like Curve, MakerDAO, and AAVE.

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Meanwhile, the NFT market is in a league of its own, with total sales in the past week alone topping $322 million, according to Nonfungible.com.

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Collateralized loans are nothing new and have been used for ages in the credit markets. Therefore, it was only a matter of time before developers discovered a way to harness the power of DeFi for NFT-backed loans on the blockchain.

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After all, with digital avatars like CryptoPunks selling for millions of dollars, digital art more than passes the sniff test as a collateralized asset.

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