NFT Mortgage: Explained
Buy now pay later: NFT Mortgages
Last updated
Buy now pay later: NFT Mortgages
Last updated
A mortgage is an innovation of JewelSwap, allowing you to buy your favorite NFTs, without having the total value of the required price.
NFT Mortgages are actually quite similar to . Let's look into how it works.
Let's say you want to purchase an NFT that costs 6 EGLD on the open market. But you only have 3 EGLD available right now.
With NFT Mortgages, you can borrow the 3 EGLD shortfall from the on JewelSwap and buy the NFT now. The user selects a payment plan based on the and can open a Mortgage on the NFT.
Now you can see, why this is similar to the NFT Loans: The user now has a position of 3 EGLD debt (50% of the NFT's value) and the NFT is held as collateral on the platform. This is the same situation as if the user would have opened a 3 EGLD borrow against his NFT.
In case the would worsen a lot or the user would miss the interest payments, the Mortgage would get .
Only NFTs from verified collections can be used for NFT Loans and NFT Mortgage. The currently available collections can be found on the and the respectively.