NFTs Are Being Uses As Collateral to Borrow Record Amounts of Crypto

  • DeFi protocol NFTfi reported a record amount of borrowing using NFTs as collateral in January. 
  • NFTs boomed in popularity in 2021 and early 2022 but have since seen trading volumes crash. 
  • Crypto markets are still recovering from a year-long bear market, though token prices are on the rise again. 

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