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That’s one small step for Rocket, one giant leap for #DeFi.
Announcing our first ever NFT-backed loan: Rocket Genesis Loan.
2,000 DAI lent for 14% APR, guaranteed by $5,000 worth of @decentraland real estate.
It’s the start of a new era: get a loan against your NFT. 
pic.twitter.com/ypAhNY1YVG
DETAILS 
6 months length, paid every 60 days, dividends back to lending DAO http://t.me/rocketDAOLP
@MakerDAO Vault to be opened for the loan to retain ETH exposure
LP DAO proposal https://pokemol.com/dao/0xa9ade79ab198a579772dd5e310ea28643e4a4421/proposal/13 …
The contract is a @mintbase NFT: https://mintbase.io/pez-dispenser/0x3cf8695c5cb6caa78d9c7fc9fa34bc8271483a1a/CdIqIvpNrLzQPAmTHz2i …
Just to be clear, was this on Ropsten? Also, how did the lenders value the $5,000 of collateral? How do we know it's worth that much?
Hey Jake, this was on mainnet done via wallet transfer. No smart contracts for now, we’re playing it safe before mainnet. So this time it’s fully manual and custodial, but at the end of the day we delivered a loan and the result is the same. We’ll announce when mainnet is live.
Lolz
From the high hanging offers in DCL marketplace - I could own a couple parcels and take out a loan? Sounds completely unsustainable.
Also @decentraland is dead. They still want $MANA as DCL currency instead of $DAI. Lol. What a joke.
The term is 6 months long. We believe Decentraland will stay relevant, and even growing, during that period.
Followed
Really awesome idea. Interested to see how it plays out. Following.
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