Drops, a platform that facilitates loans for NFTs and DeFi assets, has revealed the first phase of the three-phase rollout of its NFT Lending platform. Per the official release, the Drops NFT lending platform offers users options to use their NFTs as collateral in return for access to trustless loans from Drops’ permissionless NFT lending pools.

The NFT lending platform will be first launched on the testnet, flagging off the journey towards the eventual mainnet inauguration. Interested NFT owners can drop in their applications to join the testnet and witness history in the making. The second phase will involve security audits before the final stage kicks off with the mainnet rollout. Once the NFT Lending platform is live, it will play the critical role of bridging the liquidity gap within the NFT ecosystem.

Darius Kozlovskis, Founder & CEO of Drops, notes, “NFTs have become the centre stage of crypto discussions in the past few months. However, the latest crypto market crash revealed underlying liquidity issues in this upcoming niche. The Drops NFT lending model is designed to introduce liquidity in NFT markets by bridging the metaverse world with Decentralized finance. In doing so, we believe that NFT owners can derive more value from their idle assets.”

With the DeFi market expanding at an unprecedented rate, Darius is optimistic about the new NFT Lending platform. He adds, “We are excited about the future of the metaverse given its potential in building global digital communities. The Drops NFT lending platform provides a perfect starting point to contribute towards the growth of the metaverse. In future, we anticipate integrating more DeFi opportunities to support the mainstream adoption of NFTs and digital ecosystems.”

With Drops, NFT owners can use their assets like gaming and financial NFTs, collectibles, and metaverse items as collateral to receive instant access to trustless loans without mediators or centralized authorities. Thanks to its NFT lending pools, Drops enables users to access funding opportunities seamlessly and allows users to turn their idle assets into active yield-generating products.

Via its native dNFT and dTokens, Drops represent users’ NFT collaterals supplied to the NFT lending pools. As such, NFT owners who add liquidity to a particular pool can use the native tokens for borrowing or repaying existing loans. At the same time, the platform also allows users to earn attractive returns and rewards for providing liquidity to its lending pools.

Drops is backed by prominent VC firms, including AU21 Capital, Bitscale Capital, Genblock Capital, and x21, among others, and investors like Richard Ma (CEO, Quantstamp), Nick Sawinyh (CEO, Defiprime and DexGuru), Michael Gu (CEO, Boxmining), and several others. The platform currently features more than $6.2 million in total value locked (TVL), which may quickly multiply once the NFT Lending platform goes live on the mainnet.

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