🕹 NFT Lending for Gaming Made Easy
How Kyoko Finance manages the trade of Game NFTs across multiple blockchains
Today's Highlights
- Kyoko Finance - Facilitating GameFi NFT trading
- This Week On BuzzBelow - a recap on this week's topics.
- In Other News - a few interesting developments we're tracking.
Kyoko Finance - Facilitating GameFi NFT trading
Kyoko Finance is a cross-chain platform built to facilitate GameFi NFT lending for both players and guilds to help them expand gaming assets.
Guilds have opened blockchain games to several millions of players across the world by making them more affordable and accessible. But the expansion of guilds is being limited by the lack of easy-access funding that can help them increase their digital assets, bring in more players, and an opportunity to grow their profits.
Kyoko Finance was established to help guilds tap the full potential of blockchain games by creating loan options specially created for them. Since impressively-managed guilds with passionate players are already in place, the platform believes that funding is the only missing piece that can finally help them reach their full potential.
Guilds need access to additional funding to better help gamers and access more gaming assets, but the problem is the majority of lending options remain over-collateralized. ‘Guild to Guild Loan’ or G2G solves this problem by providing guilds with much-needed loans without any collateral at all. The only requirements that guilds need to have are great records and a potential to grow and become more profitable.
Guilds interested in tapping the G2G loan service can apply for Kyoko’s whitelist access, and credits can be in the form of money or in-game assets. Guilds are not limited to one blockchain when purchasing gaming assets, as the platform allows cross-chain purchases of NFTs. For higher loans, guilds are required to lock their tokens on the platform’s Kyoko Vault to serve as collateral. They also need to pass what Kyoko calls the ‘due diligence evaluation process’ to see their fitness in applying for a loan.
Kyoko’s peer-to-peer NFT lending turns holders’ NFTs into loan collateral, providing an immense value for people who need immediate funds. The platform allows lenders to set their preferred interest rate, loan amount, and loan period, which its system will automate. Once a user fails to pay a loan in time, Kyoko’s system will automatically transfer his NFT to the lender.
Steve Hopkins is the Head of Investor Relations and Business Development at Kyoko. Kyoko has raised a total of $3.6M in funding.
This Week on BuzzBelow
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Sukanya Ganesh
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In Other News
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