With the Yuga Labs NFT lending pool now complete, consisting of the Bored Yacht Ape Club (BAYC), Cryptopunks, and Mutant Ape Yacht Club (MAYC) collections, things are starting to heat up here at Drops.
We noted that we’d be periodically adding new lending pools to the mix after the release of our mainnet — and we’re here to deliver. That’s why we’re excited to announce that the Otherdeed from Otherside NFT collection now has its own lending pool on our platform!
The Otherdeed NFT collection LTV (Loan to Value) will be 50%, which translates to a minimal collateralization ratio of 200%.
Get started by heading over to the Yuga Labs lending pool: https://drops.co/lending/pool/2/
About Otherdeed for Otherside
Yuba Labs held its Otherside metaverse mint on Saturday, April 30, 2022, causing plenty of excitement from long-awaited fans. Otherside is a virtual world where users can collect resources and play/explore within it — Otherdeed NFTs are the gateway to claiming a plot of land when it launches.
200,000 Otherdeed NFTs will exist in total, and the first 50% are already available to users. As for the remaining 50%, these will be distributed to Voyagers who hold Otherdeed NFTs and help develop the Otherside metaverse.
BAYC and MAYC holders can now claim their Otherdeed NFTs, where other users can claim them via ApeCoin. The NFT collection saw a surge in daily trading volume within the first 24 hours of launch, hitting over $561 million.
We’ve pulled the latest analytics from OpenSea and Dune Analytics to give you an idea of their current popularity:
- # NFT Items: ~97,700
- # Owners: ~34,100
- Floor Price: 2.52 ETH (~$5,796)
- Total Sales Volume: $556,600,000+
- # Sales: 28,601
A Big Step Forward
We’re continuing to strive and add quality blue-chip NFT collections to the mix on our platform. The mainnet launch has already been a slam dunk and stirred up plenty of excitement in our community.
The addition of new lending pools will add more fuel to the fire. Stay tuned on our socials for news relating to the next batch of NFT collections to come to Drops lending pools!
About Drops DAO
Drops DAO provides loans for NFT and DeFi assets, supplying them with much-needed utility.
The protocol uses lending pools that enable any type of NFT asset to be used as collateral — from collectibles and metaverse items to financial NFTs. Users can leverage their idle NFTs and DeFi tokens to obtain loans and earn extra yield.
