Taker Protocol Raises $3M to Transform NFT Liquidity and Utilization By DailyCoin
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Taker Protocol Raises $3M to Transform NFT Liquidity and UtilizationTaker Protocol, a crypto liquidity protocol for NFTs, has raised $3 million from a number of reputable investors to build new financial primitives into the burgeoning NFT market.
The round was led Electric Capital. Ascentive Assets (DCG), Dragonfly Capital, Spartan Group and Spartan Group participated as well. Morningstar Ventures also took part.
The Taker Protocol is focused on increasing liquidity in the NFT marketplace. Existing DeFi primitives cannot be integrated in the market due to their unique, non-fungible structure. This causes significant problems in terms of liquidity. NFTs have a very volatile value and can often become worthless as there are no buyers at any price. Furthermore, NFTs are difficult to use productively after purchase and often end up forgotten in the user’s wallet.
Taker Protocol seeks to resolve the biggest liquidity problems. Allowing lenders and borrowers to liquidate and rent assets that aren’t cryptocurrencies creates new liquidity streams and opportunities. These assets include NFTs and financial papers as well as synthetic assets.
The TKR token is used to identify membership in the Taker DAO. It has many important functions. The DAO can not only set loan-to value rates or other parameters, but it will also help in fair appraising any NFT/NFT collection. The guaranteed floor price for each asset that Taker supports will be fair. TKR holders can receive rewards as well as a share of the platform income in return.
Taker will be able to launch the complete version of the protocol through multiple chains such as, Polygon and Solana. Further development will be possible with the support of key stakeholders and NFT participants.
Each Taker DAO has many Curator DAOs (Sub DAOs). Each sub-DAO will maintain their own whitelist, and set a ceiling price for NFTs that are on it if the borrower defaults. Our community values and trusts NFT assets, so we believe it’s best to reduce the risk exposure for our lenders. We will align the interests of DAOs and lenders to reduce risk exposure. This will optimize profits for DAOs. Each sub-DAO can have its own funds, and may choose to concentrate on a particular type of NFT asset. It could, for example be Metaverse-only or artworks-only.
Taker Co-Founder Angel Xu comments:
“We are absolutely thrilled to welcome so many well-established investment funds to the team. This investment marks a new phase in protocol’s history. We are working to solve the persistent NFT lending problems for end-users. This investment will enable us to further optimize liquidation of NFT assets across multiple blockchains, removing the barriers to entry that prevent new players from entering the market.”
“Taker Protocol is using an innovative approach to solve the biggest problem in the NFT space — lack of liquidity. With Taker, we are one step closer to the world where anyone anywhere can use their NFT assets to take out a loan.”
(Maria Shen, Partner at Electric Capital)
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