NILE by Wemade officially launches NFTFi, an NFT-based DeFi service

• NFT-based Lend and Borrow; Swap to be added
• Borrow offers to be auctioned off to the highest bidder
• NFTFi to heighten NFTs’ value as financial assets and contribute to sustainable WEMIX3.0 ecosystem expansion

Seoul, South Korea, NILE, a DAO & NFT platform, officially launched the NFTFi service on 22nd June. NILE (NFT Is Life Evolution) is based on WEMIX3.0, the blockchain mainnet by Wemade.

NFTFi is an NFT (Non-Fungible Token)-based peer-to-peer DeFi service. Borrow and Lend are supported, and Swap will be added later. NFTFi supports all NFTs available on NILE’s Marketplace, including NEITH NFTs on NEITH Station which opened this March.

Lend and Borrow will take the form of an auction. Borrowers can lend WEMIX or WEMIX$ with NFTs as collateral. Lenders who want to lend their WEMIX and WEMIX$ can check the borrow request list for details before making a bid.

The highest bidder who offers the best options before the bidding ends wins and the contract will be made automatically. Collateralized NFTs will be locked up until the borrowed amount is paid back completely, and if the borrower fails to pay, NFT’s ownership will be transferred to the lender.

The value of NFT is at the center of NFTFi. NFTFi can offer NFT value assessed by various data that users can follow. NEITH NFT, in particular, offers an intuitive understanding of value, which can lead to more logical asset management.

NILE aims to heighten NFTs’ value as financial assets and contribute to the sustainable WEMIX3.0 ecosystem expansion through NFTFi.

About WEMADE

A renowned industry leader in game development with over 20 years of experience, Korea-based WEMADE is leading a once-in-a-generation shift as the gaming industry pivots to blockchain technology. Through its WEMIX subsidiary, WEMADE aims to accelerate the mass adoption of blockchain technology by building an experience-based, platform-driven, and service-oriented mega-ecosystem to offer a wide spectrum of intuitive, convenient, and easy-to-use Web3 services. Visit www.wemix.com/communication for more information.