[ad_1]
Unknown Cryptocurrency user got a loan of $ 1.1 million ($ 1.7 million) from a stranger online, and used NFT as a guarantee.
There is a lot to empty it here – let’s start.
Biper millions of strangers
The deal happened CorridorsDEFI platform that facilitates encryption lending, and noticed for the first time by X user Which browsed Blockchain records online.
According to arcade Records on the seriesunknown borrower It offered 1.1 million US dollars ($ 1.7 million) from an unknown Lender. The average annual percentage (APR) for this loan was 40 % and should be paid within 60 days. Therefore, the borrower must return $ 1.172 million ($ 1.82 million) by November 1, 2023.
If this loan is facilitated by the traditional lender, one of the valuable assets should be placed on the table as a guarantee – such as the precious golum. However, we are in Cryptoland and deal with Magic Internet Money. Therefore, anything of value can be accepted. In this case, the borrower used his collection of top shirts as a guarantee instead.
Top shirts are not regular shirts, either-from SUPREME ICONIC Square logo setWhich contains all the T-shirt design released by the street mark in the street-from 1994 to 2020. Square logo set Its value of $ 2 million ($ 3.1 million) by the auction house ChristieIn 2020.
Top shirts turned into NFT
Top shirts were sent for the first time to a guarantee company called 4K To make sure it is correct. Then the company issued NFT for the borrower (the owner of the shirts), which confirms the authenticity of the shirts and legal shirts. Then a loan was processed by $ 1.1 million ($ 1.7 million).
If the borrower does not pay his loan on time, and is also known as if it is hypothetical, the lender can now use NFT as evidence of the “recovery” of the physical top shirts. Therefore, the lender will now have the SUPREME BOX logo set worth $ 2 million ($ 3.1 million).
NFT of the top shirts is the ownership of real origins. NFTS is supported by Blockchain technology, which maintains unchangeable transactions records. Therefore, in this case, it also works as a legal product that authorizes the lender to pay it if the borrower is default on the loan.
NFTS may have a case of use after all
This is not the first time that a person has used NFTS as a guarantee for an expensive purchase. in JulyAn unknown borrower secured a loan of $ 35,000 ($ 54,200) using a Patek Philip Watch as a guarantee.
Patek Philippe watches are the most expensive luxury watches in the world. They cost more than Rolex, and Less than a million They have been made since 1839.
In this case, the Patek Philippe Watch used as a World dollar guarantee ($ 309,000) was evaluated, and the NFT coincided with the authenticity of the hour, which was also the owner of the watch.
On X, people are also advanced in the NFT community as well and Claim They saw a rare Pokemon cards listed in the corridors as a guarantee.
“The reason I all entered into NFTS is that my physical artistic collection is very difficult to index … Ebay vault It is mainly the avoidance of this entire thing, ” He said One x user.
A small section of the NFT community has long been looked at more than just a high -price JPEGS. Now, when people start dealing with NFTS as a legal representation of ownership rather than a speculative game, JPEGS may have a real interest in artistic works after all.
But what if …?
Given that almost all encryption transactions occur on Interwebs, what happens if the borrower leaves the loan and disappears to the south of France with money and Top shirts?
in Traditional financingThe lender – for example, the bank – will have a legal right to seize the guarantee. It can be a home, furniture, or electronics – called whatever you want.
In the decentralized financing (Defi), the lack of disclosure of his identity on the Internet represents a challenge if one of them follows the borrower and seizes his assets. However, Blockchain trackers can work with the law app to track the Crypto portfolio address and geographical location.
Blockchain tracking companies (such as an analysis chain) have partnerships with authorities such as the FBI to resolve financial crimes. Therefore, the solution here will not be very different compared to traditional financing.
But so far, there have been yet to reports of cases where the borrower with NFT was to fail to pay the loan.
