By Nathan Ferguson
A peer-to-peer marketplace for NFT (non-fungible token) lending on the blockchain named Flow has collected up to $4.5M in the earliest funding round co-led on the behalf of Lattice Capital and Greenfield (the crypto investment venues). Further development, as well as construction of the venue, would be done on the behalf of development and engineering team utilizing the gathered capital.
The NFT Lending marketplace
Michael Levy – the co-founder of Flowty – stated in his interview that as the platform is based on a peer-to-peer mechanism, it can offer its services to the customers without any requirement of stringent regulatory processes. Levy explained that therefore their venue can be utilized by all sort of people who are conventionally unbanked, and in the areas where there is not a vigorous financial system.
Borrowers develop a listing over the marketplace of Flowty for their non-fungible tokens and take into account the desired amount of loan, duration, as well as rate. Lenders determine the assets that are appealing to them as well as allocate the capital, making an earning within a loan span and obtaining the asset in the case of the borrower’s default. Charges are implemented by Flowty on every loan that is funded as well as fundamentally keeping the assets till the completion of the loan duration.
The denomination of Flowty loans can be done in USDT and FUSD (the stablecoins on the Flow blockchain). Recently it was witnessed that the venue incorporated support for the FLOW token (the local token of Flow) as well as USDC stablecoin to provide the customers with a variety of investment opportunities.
Whale from Top Shot
Levy entered the crypto world following his considerable interest in sports memorabilia pushed him to become a part of the initial big investors from Dapper Labs (a Flow blockchain creator) in NBA Top Shot. Dapper counted to be a member in the funding round of Flowty in parallel to Red Beard Ventures, Luno Expeditions, Tiny VC, and Stermion.
In the words of Levy, the peer-to-peer marketplace for the loan is the initial fundamental element built by them, nonetheless, they are operating on several others. In addition to this, he expressed that their firm’s macros vision is to turn into a frontrunner in the NFTs’ financialization. Michael Levy is a person who made up to a $20M yield in only 6 months over an initial bet of 175,000 in NBA Top Shot.