Scores of traders have flocked to these platforms to begin “pawning” their tokens to earn yield. Additionally, traders who may not have been able to afford an expensive blue-chip NFT from collections such as Bored Ape Yacht Club or Azuki can now lease these tokens for a fraction of the cost.
For people like Polygon director of growth Hamzah Khan, who playfully describes his approach to NFT trading as “lazy,” lending can be lucrative. “I have so many PFPs and I want to use them somewhere, but this vertical can become much bigger because homes can also be NFTs and mortgages can be can be denominated ass,” said Khan. “I think people are people are severely underestimating how much we can do with NFTs.”
Cagnoni noted that new traders are more susceptible to engaging in risky behavior without fully understanding the consequences.
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