Users are already using the platform's full potential by loaning ADA to anyone who is willing to use their NFT assets as collateral via smart contracts. Such NFT pieces as Clay Nation can be used for backing any kind of loan.NFT-backed loans are not a unique feature presented on Cardano only. Previously, numerous platforms on Ethereum and Solana blockchain were offering a similar service.
Back in the era of the booming NFT market, using non-fungibles as loan collateral was one of the most proficient ways of getting a liquidity boost that allowed collectors to unlock the value of their investment without selling it.
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