There are countless ways to engage with Non-Fungible Tokens, otherwise known as NFTs. And because these NFTs are typically created with smart contracts, there are countless ways to financialize them.
To have a closer analysis, ConsenSys has taken a look at three different ways to use NFTs financially:
Collective bidding
Fractionalization
NFTs as Collateral for Loans
The Web3 revolution is well underway. Therefore, the most inventive users of this open environment continue to find different ways to create value for other users. Let’s take a look at three of these:
1. Collective Bidding of NFTs
First, ConsenSys explained how the average collector could buy Blue-Chip NFTs with their friends. To do this, you can use Partybid. This platform allows users to pool money together to buy NFTs as a team. Anyone can create a party, join a public one, and collectively bid on or buy most NFTs!
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