Borrow Crypto Using NFTs as Collateral With EverGrow Coin & The Abstract

2 min read

Partners EverGrow Coin and Objective Reality Studios launch the first metaverse of its kind in 2022. Users can now buy, trade, and borrow against their NFT assets all within one metaverse called The Abstract. This will help both crypto newbies and savvy investors earn passive income from digital assets. 

NFTs

Make passive income from NFTs 

Cash flowing into NFTs equaled funding made available by the World Bank to buy up COVID-19 vaccines last year. Total NFT sales in 2021 were at $25 billion according to market tracker DappRadar – a massive increase from $95 million in sales throughout 2020.

Around 28.6 million wallets traded NFTs last year, but not everyone made big money. While Beeple’s “Everdays – the first 5000 days” sold for a record-breaking $69.3 million at Christie’s the most common NFT sales ranged between $100-$1,000. 

Furthermore, just 10% of traders accounted for the overwhelming majority of transactions (85%). This leaves a huge supply of low-to-average value NFTs gathering dust in millions of digital wallets.

Use NFTs as collateral to borrow crypto

The most common way to make money off NFTs is through trading. You put an NFT up for action on one of the top marketplaces like OpenSea, and hope someone meets the minimum bid requirements. Unless you’re an artist or owner of one of the more famous NFT collections (like BAYC or Crypto Punks) you’ll be unlikely to break past the $1,000 barrier.

This is where EverGrow Coin’s NFT marketplace comes in. EverGrow Coin launched as a project to help crypto newcomers and experienced investors alike earn passive income from digital assets. This started with EverGrow Coin becoming the top reflection token on the BNB Chain (over $35.5 million BUSD paid to investors since September last year) and continues this coming April with a new NFT marketplace.

In a preview video of the marketplace, EverGrow Coin’s chairman Sam Kelly touches on the innovative Lending tab on the top menu. This is a first in crypto. When the NFT marketplace drops in April 2022, it will be the first to allow users to borrow crypto using only their NFTs as collateral. 

The mechanism, built on the fast and secure BNB Chain, will offer NFT owners a brand-new way to access crypto and watch it work to make them passive income.

EverGrow Coin’s NFT marketplace & The Abstract metaverse 

Before the end of 2022, the NFT marketplace will also launch in the first metaverse of its kind. EverGrow Coin’s partner Objective Reality Studios recently offered a sneak peek into the virtual gallery where users can buy, trade, and borrow against their NFT assets all within one metaverse called The Abstract.

The Abstract not only combines a virtual crypto exchange (which looks like a luxury bank) and play-to-earn games streamed on the cloud but offers easy access for crypto newcomers. The Abstract will cater to the 50 million US citizens with VR headsets, many of whom lack the computing power to play high-quality games at home.

What this means for NFT owners is a marketplace that doesn’t directly compete with existing platforms like OpenSea, but brings in its own user base to buy, sell and borrow against NFTs. EverGrow Coin has announced that the NFT marketplace will drop in the next few weeks as the team of top development and investment professionals fine-tune the final interface.

 

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