NFT-collateral loan protocol NFTfi will gradually shut down its services after a contraction in the NFT market left it unable to bear operating costs.
NFTfi has first stopped issuing new loans.
Existing loans can be extended in 30-day increments or transferred to other lenders until July 31. Borrowers can repay principal at any time until Aug. 31.
NFTfi will officially end operations on Aug. 31 and shut down its website.
NFTfi, launched in May 2020, has processed more than $737 million in loans over 6 years. Over 6 years, there were no cases in which users lost NFTs due to smart contract hacks or defects.
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Chi-gyu Hwang
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