How to Become a Borrower?
You hold some NFT assets, and you want to buy other NFTs but lack liquidity, or you just need some extra cash.
You connect to OpenSky Finance, and you find there is an existing lending pool created just for the NFT you are holding. Great news. You can start borrowing on-demand.
First, you need stake your NFT into the OpenSky smart contract so it can be used as collateral. Next, you should agree to the terms of your loan, such as the amount you'd like to borrow, the interest rate, and length of the loan. When you finish these steps, you are borrowing from the pool created just for you. Now you are a borrower.
Warning:You could lose your ownership if you fail to repay your loan as the terms require. You will receive email alerts for loan due, and your NFT would be fractionalized if your loan is overdue. At this point, you would lose your ownership of the NFT staked, and the ownership will be transferred proportionately to the lenders who provided you the loan.
Last modified 8d ago
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