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We've all got a friend with a friend who's made thousands off NFTs. We thought it was a fad at first, but now admit NFTs cannot be ignored. Not when a piece of digital art sold for $91.8 million in December last year (Pak's 'The Merge').
The immediate use case of NFTs is clear even to newcomers: artists experimenting with a new digital platform to sell their work. If you're not an artist though, you can still make money off NFTs. NFTs are 'minted' on similar blockchain-style networks as cryptocurrencies – this gives the advantage of instant, low-cost, and secure digital art transactions. The difference is with NFTs each has a different value, something which traders can take advantage of by buying and selling popular digital art NFTs.
But the NFT space is about to get a lot more interesting. Breakout crypto EverGrow Coin has announced the imminent rollout of an NFT Lending platform, which promises to be the world's 'first-ever decentralized marketplace for easing liquidity in NFT DeFi'. What that means is a new mechanism to earn money from NFTs you own, instead of just holding on to them in an NFT wallet.
Until now money made through NFTs comes from two revenue streams: minting and selling your own NFTs, and buying and selling NFTs on a digital marketplace. NFT lending, however, is a new concept that could allow NFT owners to earn income without necessarily losing their assets.
According to EverGrow Coin's white paper, their new NFT Marketplace will allow NFT owners to use their assets as collateral for borrowing. They can access fair interest rates while providing a source of cryptocurrency without selling their NFT assets.
EverGrow Coin's NFT Marketplace will allow traders to buy and sell NFTs, including any obtained through liquidated collateral on the NFT Lending platform. This liquidated collateral in turn creates a competitive market for buying NFTs at a discount to their standard market value. EverGrow's NFT Marketplace will also feature a minting tool for new artists to create their own NFTs using images, videos, and other data.
The EverGrow team has set the end of Q1 as the deadline for launching both their NFT Marketplace and NFT Lending capabilities. Meaning NFT owners can look forwards to new use cases for their digital assets within a month. EverGrow Coin has already established itself as the number 1 rewards token (paying out over $35 million) on the Binance Smart Chain (BSC) within just 5 months of operation.
EverGrow Coin has also announced launching the world's first social media platform to allow fiat and crypto payments in subscriptions, tips, and advertising costs. Crator will aim to introduce cryptocurrencies and NFTs to a wider audience, and could likely also lead to more exposure for NFT artists and traders.
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