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Lender now owns a $340,000 NFT following an unpaid loan By BTC Peers

by Mike Robinson

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Lender now owns a $340,000 NFT following an unpaid mortgage

In a somewhat attention-grabbing flip of occasions, a crypto lender is now $340,000 richer after a borrower didn’t repay an NFT-backed mortgage he took three months in the past.

The NFT collector borrowed 3.5 ETH (at present value $12,600) on the NFTfi platform and put up an “Elevated Deconstructions” NFT, which is a part of the Artwork Blocks Curated set, as collateral. The Elevated Deconstructions NFT was promoting for about 11ETH ($39,600) on the time of the deal.

Since then, the worth of those NFTs have shot up resulting from endorsements from Punk 6529 (a Twitter (NYSE:) account run by the proprietor of that CryptoPunk) and Cozomo de’ Medici (American rapper Snoop Dogg). They bought for 85 – 200 ETH ($306,000 – $720,000) not lengthy after the mortgage deal.

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