Section covering the fee portion of NFTY Finance.
The NFTY token is at the heart of the NFTY Finance platform's fee structure. All loans handled on the NFTY Finance platform will include a 1% NFTY token fee meaning the borrower will need to buy an amount of NFTY tokens to be able to borrow against an NFT. This fee is called the "Loan Origination Fee." Loan origination fees are a common practice among loan processes and are a part NFTY Finance's standard operations.
The loan origination fee is handled immediately when a user goes to take a loan out against an NFT. This fee will need to be paid at the time of borrowing to be able for the loan transaction to be completed and the user receive their borrowed funds.
The loan origination fee is broken down into a few parts upon being executed which you can find below:
- 10% of the loan origination fee goes directly to the lender
- 30% of the loan origination fee is held with the loan and goes to the borrower once they have paid back their loan (Note: If the borrower does not pay back their loan, then the NFTY Finance platform receives the 30% noted here instead)
- 60% of the loan origination fee goes directly to the NFTY Finance platform
Note: These numbers are subject to change and not final.
Users can find the NFTY token at all locations below:
Note: Make sure you acquire the ERC-20 version NFTY token as NFTY Finance currently only supports Ethereum. If you have BNB NFTY, you can use https://multichain.org/ to bridge over to ETH NFTY.