NFT借貸平台蓬勃發展，但新交易者謹防「掠奪」行為

雖然不可替代代幣 (NFT) 交易量在 5 月大幅下滑，但鄰近的 NFT 借貸領域正在蓬勃發展。到目前為止，評論褒貶不一。

Non-fungible token (NFT) trading volumes may have slumped in May, but the adjacent NFT lending space is blooming – and so far, reviews are mixed.

5 月份不可替代代幣 (NFT) 的交易量可能有所下滑，但鄰近的 NFT 借貸領域正在蓬勃發展——到目前為止，評論褒貶不一。

NFTfi – an evolving term for technology that sits at the intersection of NFTs and decentralized finance (DeFi) – is on the rise. NFTfi encompasses a range of tools that aim to offer broader utility and liquidity for NFTs, including NFT collateralized loans, fractionalized tokens and renting or lending NFTs.

NFTfi——一個不斷發展的技術術語，位於 NFT 和去中心化金融（DeFi）的交叉點——正在興起。 NFTfi 包含一系列旨在為 NFT 提供更廣泛實用性和流動性的工具，包括 NFT 抵押貸款、碎片化代幣以及租賃或借貸 NFT。

What started as a way to capitalize on the bull run of NFTs in 2021 has recently exploded in popularity as major Web3 players entered the market. In May, leading NFT marketplace Blur launched Blend (short for Blur Lending) – a peer-to-peer lending platform that allows users to borrow against their NFTs as collateral. The platform, which capitalizes on the popularity of Blur, quickly seized 82% of the entire NFT lending market share within its first three weeks.

這項最初是利用 2021 年 NFT 牛市的一種方式，隨著主要 Web3 參與者進入市場，最近迅速流行起來。今年 5 月，領先的 NFT 市場 Blur 推出了 Blend（Blur Lending 的縮寫）——一個點對點借貸平台，允許用戶以其 NFT 作為抵押品進行借貸。該平台利用 Blur 的受歡迎程度，在推出的前三週迅速佔領了整個 NFT 借貸市場 82% 的份額。

Shortly after, other NFT lending platforms began to spring up. Binance launched its feature called Binance NFT Loan, which allows holders to secure ETH loans by using their NFTs as collateral. And Joseph Delong, the former CTO of DeFi protocol SushiSwap, launched Astaria, which utilizes a third party to facilitate its lending market.

不久之後，其他 NFT 借貸平台開始出現。幣安推出了名為「幣安 NFT 貸款」的功能，允許持有者使用 NFT 作為抵押品來獲得 ETH 貸款。 DeFi 協議 SushiSwap 的前技術長 Joseph Delong 推出了 Astaria，利用第三方來促進其借貸市場。

Scores of traders have flocked to these platforms to begin “pawning” their tokens to earn yield. Additionally, traders who may not have been able to afford an expensive blue-chip NFT from collections such as Bored Ape Yacht Club (BAYC) or Azuki can now lease these tokens for a fraction of the cost.

許多交易者紛紛湧向這些平台，開始「當鋪」他們的代幣以賺取收益。此外，那些可能無法從 Bored Ape Yacht Club (BAYC) 或 Azuki 等收藏品中購買昂貴的藍籌 NFT 的交易者現在可以以一小部分成本租賃這些代幣。

No doubt there are pros to participating in NFT lending, though the activity also comes with risks. Some Blur traders and NFTfi-native users called Blend’s lending mechanics into question and urged newer traders to educate themselves on how to borrow NFTs safely before diving in.

毫無疑問，參與 NFT 借貸有其優點，但活動也伴隨著風險。一些 Blur 交易者和 NFTfi 原生用戶對 Blend 的借貸機制提出質疑，並敦促新交易者在投入之前先了解如何安全地借入 NFT。

And while traders may support the idea of earning extra cash by lending out their dormant tokens, the risk of liquidation and concern over platform-specific lending mechanisms and decentralization among these platforms remains.

儘管交易者可能支持透過出借休眠代幣來賺取額外現金的想法，但清算風險以及對平台特定借貸機制和這些平台之間去中心化的擔憂仍然存在。

NFT lending benefits ‘lazy’ traders with big bounties

NFT 借貸為「懶惰」交易者提供巨額獎勵

This rise of NFT lending platforms makes sense when you consider the current market conditions. Many NFT holders who purchased their tokens during the bull run are looking to earn some extra ETH in down markets. They can pawn their NFTs by leasing them to a trader who will pay to hold them over a specified period, earning the original owner some ETH. In turn, the borrower gets to join an NFT ecosystem or access certain perks they may not have been able to access otherwise.

考慮到當前的市場狀況，NFT 借貸平台的崛起是有道理的。許多在牛市期間購買代幣的 NFT 持有者希望在低迷的市場中賺取一些額外的 ETH。他們可以透過將 NFT 出租給交易者來典當，交易者將在指定期限內支付持有 NFT 的費用，從而為原始所有者賺取一些 ETH。反過來，借款人可以加入 NFT 生態系統或獲得他們可能無法獲得的某些福利。

For people like Polygon director of growth Hamzah Khan, who playfully describes his approach to NFT trading as “lazy,” lending can be lucrative.

對於像 Polygon 成長總監 Hamzah Khan 這樣的人來說，貸款可能是有利可圖的，他開玩笑地將自己的 NFT 交易方式描述為「懶惰」。

“I just keep stuff long-term,” Khan told CoinDesk. “I don't use them daily … fundamentally, I like [NFT lending] because it gives me more capital.”

「我只是長期保留東西，」汗告訴 CoinDesk。 “我並不是每天都使用它們……從根本上來說，我喜歡 [NFT 借貸]，因為它給了我更多的資本。”

When asked about the potential dangers of NFT lending, Khan noted the risk of liquidation if the asset price drops, which can happen if the token price falls below 30-40%. However, he emphasized that he’s bullish on the growing industry and sees value in lending assets beyond the highly sought-after blue-chip NFTs.

當被問及 NFT 借貸的潛在危險時，Khan 指出，如果資產價格下跌，則存在清算風險，如果代幣價格跌至 30-40% 以下，就會出現清算風險。不過，他強調，他看好不斷成長的產業，並認為借貸資產的價值超出了備受追捧的藍籌 NFT 的範疇。

“I have so many PFPs and I want to use them somewhere, but this vertical can become much bigger because homes can also be NFTs and mortgages can be can be denominated as ERC-721s,” said Khan. “I think people are people are severely underestimating how much we can do with NFTs.”

「我有很多 PFP，我想在某個地方使用它們，但這個垂直領域可以變得更大，因為房屋也可以是 NFT，抵押貸款可以命名為 ERC-721，」Khan 說。 “我認為人們嚴重低估了我們可以利用 NFT 做多少事情。”

While NFT lending markets have primarily courted JPEG traders hoping to earn additional yield on their tokens, they operate similarly to lending markets outside the crypto space, like the housing market, that have the potential to onboard thousands more traders and companies to the Web3 landscape.

雖然NFT 借貸市場主要吸引希望透過其代幣賺取額外收益的JPEG 交易者，但它們的運作方式與加密貨幣領域之外的借貸市場（如房地產市場）類似，有潛力讓數千名交易者和公司加入Web3 領域。

New traders are most at risk of ‘predatory’ behavior

新交易者最容易遭受「掠奪性」行為

Not all NFT lending platforms operate in the same way. Mason Cagnoni, chief operating officer of NFT lending platform Wasabi Protocol, and Karan Karia, vice president of business development at Wasabi, told CoinDesk that while the primary risk of NFT lending is early liquidation if a token’s price falls, Blend’s “down payment” feature allows a trader to make multiple payments on an NFT purchase over time, which can be tricky for traders new to trading NFTs.

並非所有 NFT 借貸平台都以相同的方式運作。 NFT 借貸平台 Wasabi Protocol 營運長 Mason Cagnoni 和 Wasabi 業務開發副總裁 Karan Karia 告訴 CoinDesk，雖然 NFT 借貸的主要風險是如果代幣價格下跌則提前清算，但 Blend 的「首付」功能允許交易者隨著時間的推移對NFT 購買進行多次付款，這對於剛接觸NFT 交易的交易者來說可能很棘手。

“It's pitched as a ‘buy now, pay later’ that uses a perpetual lending on the back end, which is super predatory to the borrower,” said Karia. “Have you ever heard of a loan where you can get called instantly and you have 24 hours to repay? Like, the only person that does that is the mob.”

“它的宣傳是‘現在購買，稍後付款’，在後端使用永久貸款，這對借款人來說是超級掠奪性的，”卡里亞說。 「您聽說過可以立即接到通知並且有 24 小時還款期限的貸款嗎？就像，唯一這樣做的人就是暴徒。

Cagnoni noted that new traders are more susceptible to engaging in risky behavior without fully understanding the consequences.

卡尼奧尼指出，新交易者在沒有充分了解後果的情況下更容易做出冒險行為。

“Lending platforms were already in existence – if you go look at a Dune dashboard with the overlap of users, the Blend users are all new,” said Cagnoni. “Like, they'

「貸款平台已經存在——如果你看一下 Dune 儀表板，其中有用戶重疊的情況，Blend 用戶都是新的，」Cagnoni 說。 “就像，他們’