DeFi borrower uses luxury watch-backed NFT as collateral for a loan

A nonfungible token (NFT) collector shared the story of how a decentralized finance (DeFi) loan was collateralized through a luxury watch and was facilitated with an NFT representing the asset.

On July 11, pseudonymous DeFi project adviser CirrusNFT explained how a user was able to borrow $35,000 from another user by using an NFT that represented a physical item as collateral for the loan.

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