Beyond bluechips: NFT finance for all collections with Unlockd.
NFT-backed lending has faced limitations because existing protocols mostly favor a few “Blue Chip” collections, ignoring the rest of the NFT world.
Unlockd, however, does things differently.
It’s designed to work with virtually any NFT collection, no matter how big or small. This means it’s open to all kinds of NFTs, reducing complications and supporting more collections.
How did this happen? Let’s dive in.
The Problem — Limited Supported Collections
When we talk about NFT lending, we generally have the idea of whales borrowing against renowned assets from big players like BAYC.
However, what if I told you that Unlockd is uniquely designed to accommodate any NFT collection?
In our relentless pursuit of new ways to improve the experience for lenders and borrowers, we have engaged with thousands of NFT holders and projects, gathering valuable insights and learnings. This has enabled us to identify a significant gap in the market and an opportunity to reduce friction and expand the range of supported collections.
To increase our coverage of collections, we needed to develop a distinct risk framework capable of facilitating secure loans across various collections.
This framework avoids relying solely on floor prices and factors in variables such as volume, liquidity, and rarity. Since implementing this risk framework, we have begun integrating new collections into our platform. As a result, Unlockd now stands out as the protocol with the broadest range of supported collections.
But there’s more to the story.
Unlockd’s vision extends to empowering its community, giving every member the opportunity to propose a collection that isn’t yet supported through a democratic voting process. This inclusive approach enables the protocol to continually diversify its offerings.
Supported Collections in Unlockd
Unlockd’s protocol is not limited to just a select few NFT collections.
Instead, it stands out as the most inclusive platform, accommodating a wide array of NFT collections. This approach aims to democratize NFT lending and ensure broader access to liquidity.
Here we’ll focus on one of our main verticals: PFP NFTs (profile pictures)
- Bored Ape Yacht Club (BAYC)
- Mutant Ape Yacht Club (MAYC)
- Clone X
- Cool Cats
- Pudgy Penguins
- World of Women (WOW)
- The Sandbox
- Space Doodles
- My Pet Hooligan
- Heroes of Mavia
- Avarik Saga
Greetings to the recently added collections:
- Parallel Avatars
- Azra Games
- The Hopeful
- Otherdeed Expanded
- Redacted Remilio Babies
- Mavia Land
Choosing the Next Supported Collection
Unlockd has a primary goal: to make instant liquidity accessible to everyone by allowing all kinds of NFTs to be used as collateral. To achieve this goal, Unlockd understands that decentralization is the path forward.
What does this mean? It means that the protocol should be governed by its members.
Why? Because in the world of Web3, power resides within the community.
Unlockd is still in the process of defining the governance mechanisms, gauges, and policies. However, we are already unlocking some of the functionalities that The Lockeys community enjoys, such as the ability to vote, through Snapshot, which collection will be supported by the protocol next.
UIP-1: 0N1 Force pioneered Unlockd governance
The first proposal put forth by The Lockeys DAO community resulted in the decision to include 0N1 Force, beating out competitors like Sappy Seals, Goblintown, Rektguy, and Deadfellaz. You can view the proposal here.
Here are 5 reasons why Unlockd’s community chose 0N1 Force:
- Exquisite and distinctive NFT collection: The 0N1 Force NFT collection stands out with its mesmerizing low-fi style art and pays homage to Japanese anime.
- Acquired by crypto industry veterans: The 0N1 Force NFT collection was acquired by a group of crypto industry veterans, led by Old Fashion Research (OFR).
- Blue-chip NFT collection: The 0N1 Force NFT collection is considered a blue-chip NFT collection, which means it is a highly valuable and sought-after collection.
- Custom illustrated attributes: The 0N1 Force NFT collection includes 100 hand-drawn attributes custom illustrated by IMCMPLX.
- Market success: The 0N1 Force NFT collection has taken the market by storm with its community. Despite the general decline of all NFT collections, 0N1 is one of those that has best “withstood the downpour”, maintaining its floor price.
ON1 stands out as a prominent player in the world of NFTs, and what’s more, Unlockd’s core team has established connections with 0N1’s founders, paving the way for potential collaborative opportunities.
UIP-2: Quirkies followed immediately
You can see the proposal here.
Quirkies stands out for several reasons:
- Dedicated Founder: Led by @SyntribosStable, an experienced leader who understands the NFT space.
- Expert Advisors: Supported by top advisors and social teams, ensuring continuous improvement.
- Quality Focus: Prioritizes quality and attention to detail.
- Value for Holders: Offers value, brand recognition, and benefits for NFT holders.
- Inclusive Community: A welcoming space for all, whether NFT owners or not.
- Unique Art: Art by @Finch_O_N_E is distinctive and appeals to a wide audience.
- Engaging Lore: Implements interactive quests for holders, enhancing immersion.
- Gaming and Metaverse: Plans for a playable world and collaborations in the gaming space.
- Cultural Vision: Aims to create a cultural movement through events and connections.
- Health Focus: Promotes a balanced lifestyle, balancing physical and mental health.
- INX: New art release tied to the brand’s lore and future developments.
In summary, Quirkies offers a holistic NFT experience with a dedicated team, unique art, and a commitment to community, culture, and well-being.
UIP-3: The most recent winner is The Captainz
With a close result, finally The Captainz won the proposal ahead of Lil Penguins.
You can see the proposal here.
Why The Captainz?
- Experienced Creator: Captainz Collections are created by Ray Chan, the founder of Memeland, a highly experienced figure in the NFT space. This adds credibility and trust to these collections.
- Active and Passionate Community: The Captainz community is known for its high level of engagement and enthusiasm.
- Additional Utility and Benefits: Each Captainz NFT can unlock and earn the native Memeland currency, $MEME, adding utility and enticing rewards.
- Unique NFT Ecosystem: Captainz Collections offer a distinctive NFT ecosystem within Memeland.
These proposals aren’t just about adding new collections; they’re also about strengthening our community as we grow and welcome the whole NFT ecosystem.
When you look at the NFT finance world, you’ll notice it’s still pretty small. That’s mainly because only a few folks have valuable assets like Azuki or BAYC, and not all of them want to borrow money.
Plus, dealing with financial stuff can be tricky, especially in the rapidly changing DeFi world.
To make NFT lending more popular in the future, we all need to work together to make it easier for more people to join in.
Unlockd is designed to include any NFT collection, making it one of the most advanced in the industry. This means Unlockd can reach more communities interested in getting the most out of their NFTs.
Unlockd really shines when it comes to getting the community involved and being inclusive. They ask the community for input on which NFT collections should be accepted as collateral. This kind of involvement makes Unlockd stand out and sets a new standard in the industry.
One big achievement to note is that Unlockd’s Total TVL (Total Value Locked) has gone beyond $2.35 million. This includes both deposits and the value of the collateral, showing just how fast the community is growing.
And there’s more to look forward to with Unlockd V2 (soon), including:
- Debt Market: This lets users list and sell their loans.
- Multi-Collateral: The ability to borrow against multiple NFTs at once.
- Real ownership: Even if you borrow, you can enjoy all the perks of your NFT
- Enhanced Liquidations: A better way to handle liquidations with multiple strategies.
- The Lockey Holders: Exclusive perks for token holders.
- Optimizations: Improvements in efficiency and security.
In conclusion, Unlockd is your best option if you’re thinking about borrowing against your NFTs.
Be part of shaping the future of NFT lending, you’re invited to check out Unlockd website today. Take action now and help redefine how NFT lending works, making it more accessible and fair for everyone.
Unlockd is the only NFT lending protocol with a data science model that minimizes liquidation risk and maximizes LTV for each loan using individual appraisal, not floor price.
Borrowers take permissionless loans with no fixed expiration date, instantly, with a fair interest rate, and against their ERC721 NFTs — if they are part of the eligible collections. They also keep the utility of the NFTs used as collateral.