NFTfi completes protocol upgrade and can support 5-year NFT loans and ERC-1155 assets

Odaily Planet Daily News NFT lending platform NFTfi announced on the X platform that it has completed a protocol upgrade that can support NFT loans for up to 5 years (the previous upper limit was 1 year). Already, users have obtained their first 2-year loan through Chromie Squiggle, with an annual interest rate of 10% and an LTV of 74%. The upgrade will also support ERC-1155 assets, including unlocking multiple real-world assets (RWA) such as art, collectibles, real estate, and intellectual property as NFT collateral. In addition, this protocol upgrade also unlocks several other features that will be launched by the end of this year, such as refinancing, proportional interest repayment, etc. It should be noted that this upgrade introduces a new contract address, and users need to grant new permissions. Otherwise, no action is required, and existing loans will end on the current (old) contract.