NFT REVIEW NEWS Magic Eden and Robox Launch BNPL Feature

Over the last month or so, the battle of the NFT marketplaces took an unexpected turn, with the theme of the NFT lending taking center stage. Now, to bring Solana into the fold, Magic Eden has partnered with leverage trading platform, Robox, to launch a neat new ‘buy-now, pay-later’ feature.

Currently in its private alpha phase that users can join via its website, Robox will allow traders to purchase Solana NFTs on Magic Eden with as little as a 30% down payment. Through the scheme, it will essentially freeze the chosen NFT in the holder’s wallet for the duration of the loan. However, they will still retain utility benefits such as private Discord access, airdrops, whitelist allocation and more.

Once undertaking the loan, the new owner will face 3 options with regards to the future of the NFT. Firstly, they can opt to repay the loan plus its interest, which will effectively unfreeze the NFT and allow them to gain full access to the token. Secondly, they can choose to sell the NFT and pay off the remainder of the balance with the proceeds. Or, they can leave the agreed terms to run their course, which will see the Robox platform ‘auto-sell’ the asset to recoup the funds.

Robox and Magic Eden Enable a Test Drive Option for NFTs

The new system differs slightly from lending platforms such as those offered by Blur and Binance, as it acts more like a test-drive feature for NFTs. As a result, those eyeing a particular collection, but reluctant to take the plunge, can now trial it for a fraction of its value, while still unlocking the benefits associated with it.

Through the initiative, Robox has also added a $SOL staking feature, which will allow folks on the other side of the fence to provide liquidity to the platform while earning a dose of APY for their troubles.

Want more? Connect with NFT Plazas

Join the Weekly Newsletter
Join our Discord
Follow us on Twitter
Like us on Facebook
Follow us on Instagram

*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.

Source link

If this article, video or photo intrigues any copyright, please indicate it to the author’s email or in the comment box.

What do you think?

26 NFT Points
Upvote Downvote


I am the curator of the NFT Review Market News. If the document or content infringes any copyright, please point it out in comments and it will be promptly removed. To all the articles we include the link of the Resource that appears as Source Link If this article, video or photo intrigues any copyright, please indicate it to the author's email or in the comment box.

Crypto Alerts Noticias Criptomonedas La fiscalidad de las stablecoins

NFT REVIEW METAVERSE Metaverse Education Market to Hit $19.3bn by 2028: Report