In a recent shift in the competition among NFT marketplaces, the focus has shifted towards NFT lending. To integrate Solana into this trend, Magic Eden has teamed up with leverage trading platform Robox to introduce an innovative 'buy-now, pay-later' feature.
Robox is presently in its private alpha phase, which users can join through its website. The platform will enable traders to acquire Solana NFTs on Magic Eden with a minimum down payment of 30%. Through this arrangement, the chosen NFT will essentially be locked in the holder's wallet for the loan's duration, but they'll still maintain utility benefits like private Discord access, airdrops, whitelist allocation, and more.
Once the loan is secured, the new owner will have three options regarding the NFT's future. First, they can choose to repay the loan and its interest, which will unlock the NFT and grant them full access to the token. Second, they can decide to sell the NFT and use the proceeds to pay off the remaining balance. Alternatively, they can let the agreed terms play out, which will result in the Robox platform automatically selling the asset to recover the funds.
An Innovative 'Test Drive' Option for NFTs through Robox and Magic Eden
This new system varies slightly from lending platforms like those provided by Blur and Binance, as it resembles more of a test-drive feature for NFTs. This means that individuals interested in a specific collection but hesitant to commit can now try it for a portion of its value, while also enjoying the benefits associated with it.
Robox has also introduced a $SOL staking feature as part of this initiative, allowing people on the other side of the transaction to provide liquidity to the platform while earning APY in return.