GMoney is backing the $1M mortgage with Crypto Punk 8219.
Famend NFT collector, GMoney, has borrowed $1 million USDC towards iconic CryptoPunk 8219. The transaction happened on the NFT lending platform, Gondi.
The mortgage constitutes the largest quantity borrowed towards an NFT, on the Gondi platform. The second place belongs to CryptoPunk 9707, with a $150,000 mortgage, whereas Autoglyph 327 lands in third, with a $130,000 mortgage.
Whereas there have been bigger NFT-backed loans, they have been principally issued on the peak of the earlier crypto bull market. At the moment’s $1 million mortgage is an indication NFT-backed borrowing and lending markets could also be heating up.
Liquidity permitting for million-dollar-plus loans doubtlessly opens the doorways for bigger entities seeking to capitalize on engorged valuations for his or her NFT collections, very like the six-figure 8219, broadening legitimacy amongst institutional traders.
Gondi is an NFT-backed market that enables customers to request loans backed by digital collectibles. It raised $5.3M final 12 months, capitalizing on its blue-chip Ethereum NFT collections that transcend CryptoPunks.
The platform can also be dwelling to AutoGlyphs, Bored Ape Yacht Membership, Chromie and Fidenza, amongst others.
Blur is the most important platform enabling NFT-backed lending, with virtually $64 million in complete worth locked, based on DeFiLlama.
