I’m looking at a few NFT-fi protocols (a few of which I found on this subreddit- love you guys) namely BendDAO, Zumer, NFTX. What makes one of these protocols better than the others? The entire basis of their protocol seems the same- You deposit ETH to be lent, you can borrow ETH to buy NFTs. If you can’t repay the loan in time, you get liquidated at a price lower than floor price.
My main question is- How do I bid on the liquidated asset? Surely there are smartasses (compliment) who have automated the process and snag the NFT right away- leaving us with no chance… How do I go forward with it?
I believe we can also deposit ETH to receive APR on it. Again, things to look at when depositing ETH there? Can’t be just as easy as believing what I read on their websites about it being completely safe.
PS- I’d prefer if you guys suggested me things with respect to BendDAO since it’s the protocol I’m most familiar with and have heard many of my friends use it. Thanks in advance!
Zumer protocol, that’s one I’ve taken out time to check out as well. It’s awesome. I don’t see them better than the other tho, I see them doing their things in their own spaces and that’s it.
Unique Network is a project I follow as well, and apart from its dynamic/nested nfts, I really hope it ads up some nft lending to its ecosystem too. That would be insane I guess.