Holders of NFTs can log onto the Arcade platform and create a loan request with their NFTs as collateral. To create the loan request, proceed through the steps below.
- When you log in, you should be able to see all NFTs held by your wallet.
- Select the ones you'd like to add as collateral for your loan.
- At the bottom of the screen, click "Create Loan Request". You will see a popup window to approve your collateral for bundling. Click "Confirm" on each item of collateral.
- For each item of collateral, you should see a transaction to approve arcade.xyz to withdraw the collateral from your wallet. This is a normal ERC721 approval. Your NFT will not leave your wallet until the loan request is finalized.
- Once all collateral items are approved for deposit, you should see a green check mark next to each item. Click "Set Loan Terms" to proceed to creating your loan request.
- Select the parameters of your loan - the amount you'd like to borrow, the currency, and the amount you will repay. Select a loan term - usual terms are 30-90 days. When you are happy with your loan request, click "Finalize".
- Once your loan terms have been finalized, you will be required to initialize and create your collateral bundle. Metamask should prompt you for an "Initialize Bundle" transaction. After the bundle is initialized, you will be required to submit "Deposit" transactions for each collateral item. After the bundle has been initialized and all collateral deposited, you will be asked to submit a signature for your loan terms. This signature will be used to validate your request parameters when your loan is matched with a lender.
- Your loan request is complete! You can check the status in the "My Loans" tab. Once it is matched, you will receive your desired funding currency.
Updated 6 months ago