As promised on its development roadmap for 2021, Hoard Exchange launches its NFT Marketplace on the Ethereum Mainnet today, May 26th. The marketplace comes with a host of features and capabilities, including the provisions to loan and stake using NFT as collateral for the loan.
The Hoard marketplace, one of the two broad categories of services that Hoard offers along with its SDK, curates digital goods and simplifies developer-user interactions. The NFTs up for trade, loan, or rent may include in-game items, real estate, digital art, and many more.
The marketplace will have LOAN, a peer-to-peer lending platform where users can leverage their NFTs as collateral to get loans in cryptocurrencies.
The NFT owners can acquire these funds to invest them further, whereas the lenders would be deploying their stablecoins to generate additional income by charging interest.
The native token of the Hoard exchange is HRDcoin. The HRD holders can stake their coins. The users who would be staking their HRD holdings will qualify for receiving a part of their platform fees back in the form of staking rewards.
With the marketplace going live on the mainnet, the users of Hoard can now list their NFTs and discover other NFTs to purchase.
Once the users have listed or acquired their NFTs, they can leverage them as collateral for a loan. Apart from earning their interest income, the lenders also qualify to acquire NFTs in cases of foreclosures.
According to Radek Zagórowicz, CEO of Hoard, the Loan feature on the marketplace is the first among many upcoming NFT functionalities/utilities.