Relite Finance, a cross-chain lending protocol, has announced that it’ll be launching NFTs next month. Just like its platform, which manages to stand out amidst the rivals, its NFTs would have “real utility”. Along with that, the protocol has announced a contest for the budding NFT artists, where the winner will get $5,000 worth of USDT.
What is Relite Finance?
Relite Finance calls itself a one-stop platform for lending, borrowing, and staking crypto assets. What makes it unique is that it offers cross-chain DeFi support where it’ll also be adding support for Bitcoin, Ethereum, and the likes in the future.
What kind of NFTs will Relite Finance offer
The team behind Relite Finance aims to bring in the same kind of functionality to NFTs. What that means is that users will be able to put their NFTs as collateral, and thus adding usability to them apart from just collecting them. It also promises better fees than other protocols.
To find the artists, Relite Finance ran a week-long contest between Aug 10th and 16th for artists and graphic designers to submit their designs. The winner will not only win prize money, but they’ll also get to contribute to the first set of NFTs on the platform.
Usability of Relite Finance NFTs
As mentioned above, Relite Finance will provide NFT owners with the ability to earn yield income. It’ll have three types of NFTs – Gold, Silver, and Regular. Depending upon the type, the oners will have better staking APY, better borrowing rates, etc.
Of course, we’d need to see what other differentiating aspects Relite Finance brings to the NFT ecosystem. It’s worth noting that there are other marketplaces already that let users borrow against their NFTs. So, the protocol does need to offer additional features to sway people.