{"id":18975,"date":"2024-11-27T17:47:31","date_gmt":"2024-11-27T15:47:31","guid":{"rendered":"https:\/\/forklog.com\/en\/collector-secures-2-75-million-loan-using-cryptopunk-as-collateral\/"},"modified":"2024-11-27T17:47:31","modified_gmt":"2024-11-27T15:47:31","slug":"collector-secures-2-75-million-loan-using-cryptopunk-as-collateral","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/collector-secures-2-75-million-loan-using-cryptopunk-as-collateral\/","title":{"rendered":"Collector Secures $2.75 Million Loan Using CryptoPunk as Collateral"},"content":{"rendered":"<p>NFT collector Seedphrase <a href=\"https:\/\/www.gondi.xyz\/collections\/cryptopunks-721\/8348\">secured<\/a> a $2.75 million loan using <a href=\"https:\/\/opensea.io\/assets\/ethereum\/0xb47e3cd837ddf8e4c57f05d70ab865de6e193bbb\/8348\">CryptoPunk #8348<\/a> as collateral. According to the platform, this marks the largest NFT-backed loan in history.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">? RECORD-BREAKING NFT LOAN ?<\/p>\n<p>The unique 7-trait Punk #8348, owned by <a href=\"https:\/\/twitter.com\/seedphrase?ref_src=twsrc%5Etfw\">@seedphrase<\/a>, was just used as collateral for a 2,750,000 USDC loan on GONDI.<\/p>\n<p>Terms: 180 day | 17% APR | 41,250 USDC origination fee<\/p>\n<p>This is the single largest on-chain loan against any NFT in history! <a href=\"https:\/\/t.co\/78wekAgQbO\">pic.twitter.com\/78wekAgQbO<\/a><\/p>\n<p>\u2014 GONDI (@gondixyz) <a href=\"https:\/\/twitter.com\/gondixyz\/status\/1861759694915731814?ref_src=twsrc%5Etfw\">November 27, 2024<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The $2.75 million loan was issued on the Gondi lending platform for a term of six months with an interest rate of 17%.<\/p>\n<p>The owner of CryptoPunk #8348 is also an investor and advisor to the platform.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\n<cite>\u201cBy using CryptoPunk #8348 as collateral, I was able to access $2.75 million in capital without relinquishing ownership of this historic NFT. [\u2026] This liquidity allows me to strategically deploy funds in the cryptocurrency markets,\u201d Seedphrase explained to <a href=\"https:\/\/decrypt.co\/293754\/someone-just-took-out-a-2-75-million-loan-against-this-one-of-one-cryptopunk-nft\">Decrypt<\/a>.<\/cite><\/p><\/blockquote>\n<p>According to the platform&#8217;s co-founder, known by the pseudonym Burga, this case illustrates the maturity of NFTs as an asset class:<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\n<cite>\u201c[This loan] demonstrates that NFTs are maturing as a legitimate asset class and provide digital asset holders with more efficient ways to access liquidity compared to virtually any other asset in the world.\u201d<\/cite><\/p><\/blockquote>\n<p>Seedphrase purchased CryptoPunk #8348 in May 2020 for 85 ETH.<\/p>\n<p>In September, NFT CryptoPunk #6915 was sold at a &#8220;paper&#8221; loss of 78%.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>NFT collector Seedphrase secured a $2.75 million loan using CryptoPunk #8348 as collateral. According to the platform, this marks the largest NFT-backed loan in history. ? RECORD-BREAKING NFT LOAN ? The unique 7-trait Punk #8348, owned by @seedphrase, was just used as collateral for a 2,750,000 USDC loan on GONDI. Terms: 180 day | 17% [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":18974,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1432,1097,1213],"class_list":["post-18975","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptopunks","tag-lending","tag-nft"],"aioseo_notices":[],"amp_enabled":true,"views":"35","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/18975","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=18975"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/18975\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/18974"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=18975"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=18975"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=18975"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}