NFT借贷平台蓬勃发展，但新交易者谨防“掠夺”行为

虽然不可替代代币 (NFT) 交易量在 5 月份大幅下滑，但邻近的 NFT 借贷领域正在蓬勃发展。到目前为止，评论褒贬不一。

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 月份不可替代代币 (NFT) 的交易量可能有所下滑，但邻近的 NFT 借贷领域正在蓬勃发展——到目前为止，评论褒贬不一。

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——一个不断发展的技术术语，位于 NFT 和去中心化金融（DeFi）的交叉点——正在兴起。 NFTfi 包含一系列旨在为 NFT 提供更广泛实用性和流动性的工具，包括 NFT 抵押贷款、碎片化代币以及租赁或借贷 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.

这项最初是利用 2021 年 NFT 牛市的一种方式，随着主要 Web3 参与者进入市场，最近迅速流行起来。今年 5 月，领先的 NFT 市场 Blur 推出了 Blend（Blur Lending 的缩写）——一个点对点借贷平台，允许用户以其 NFT 作为抵押品进行借贷。该平台利用 Blur 的受欢迎程度，在推出的前三周内迅速占领了整个 NFT 借贷市场 82% 的份额。

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.

不久之后，其他 NFT 借贷平台开始涌现。币安推出了名为“币安 NFT 贷款”的功能，允许持有者使用 NFT 作为抵押品来获得 ETH 贷款。 DeFi 协议 SushiSwap 的前首席技术官 Joseph Delong 推出了 Astaria，利用第三方来促进其借贷市场。

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.

许多交易者纷纷涌向这些平台，开始“典当”他们的代币以赚取收益。此外，那些可能无法从 Bored Ape Yacht Club (BAYC) 或 Azuki 等收藏品中购买昂贵的蓝筹 NFT 的交易者现在可以以一小部分成本租赁这些代币。

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.

毫无疑问，参与 NFT 借贷有其优点，但该活动也存在风险。一些 Blur 交易者和 NFTfi 原生用户对 Blend 的借贷机制提出质疑，并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.

尽管交易者可能支持通过出借休眠代币来赚取额外现金的想法，但清算风险以及对平台特定借贷机制和这些平台之间去中心化的担忧仍然存在。

NFT lending benefits ‘lazy’ traders with big bounties

NFT 借贷为“懒惰”交易者提供巨额奖励

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.

考虑到当前的市场状况，NFT 借贷平台的崛起是有道理的。许多在牛市期间购买代币的 NFT 持有者希望在低迷的市场中赚取一些额外的 ETH。他们可以通过将 NFT 出租给交易者来典当，交易者将在指定期限内支付持有 NFT 的费用，从而为原始所有者赚取一些 ETH。反过来，借款人可以加入 NFT 生态系统或获得他们可能无法获得的某些福利。

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

对于像 Polygon 增长总监 Hamzah Khan 这样的人来说，贷款可能是有利可图的，他开玩笑地将自己的 NFT 交易方式描述为“懒惰”。

“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.”

“我只是长期保留东西，”汗告诉 CoinDesk。 “我并不是每天都使用它们……从根本上来说，我喜欢 [NFT 借贷]，因为它给了我更多的资本。”

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.

当被问及 NFT 借贷的潜在危险时，Khan 指出，如果资产价格下跌，则存在清算风险，如果代币价格跌至 30-40% 以下，就会出现清算风险。不过，他强调，他看好不断增长的行业，并认为借贷资产的价值超出了备受追捧的蓝筹 NFT 的范畴。

“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，我想在某个地方使用它们，但这个垂直领域可以变得更大，因为房屋也可以是 NFT，抵押贷款可以被命名为 ERC-721，”Khan 说。 “我认为人们严重低估了我们可以利用 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.

虽然 NFT 借贷市场主要吸引希望通过其代币赚取额外收益的 JPEG 交易者，但它们的运作方式与加密货币领域之外的借贷市场（如房地产市场）类似，有潜力让数千名交易者和公司加入 Web3 领域。

New traders are most at risk of ‘predatory’ behavior

新交易者最容易遭受“掠夺性”行为

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.

并非所有 NFT 借贷平台都以相同的方式运作。 NFT 借贷平台 Wasabi Protocol 首席运营官 Mason Cagnoni 和 Wasabi 业务开发副总裁 Karan Karia 告诉 CoinDesk，虽然 NFT 借贷的主要风险是如果代币价格下跌则提前清算，但 Blend 的“首付”功能允许交易者随着时间的推移对 NFT 购买进行多次付款，这对于刚接触 NFT 交易的交易者来说可能很棘手。

“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.”

“它的宣传是‘现在购买，稍后付款’，在后端使用永久贷款，这对借款人来说是超级掠夺性的，”卡里亚说。 “您听说过可以立即接到通知并且有 24 小时还款期限的贷款吗？就像，唯一这样做的人就是暴徒。”

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

卡尼奥尼指出，新交易者在没有充分了解后果的情况下更容易做出冒险行为。

“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'

“贷款平台已经存在——如果你看一下 Dune 仪表板，其中有用户重叠的情况，Blend 用户都是新的，”Cagnoni 说。 “就像，他们’