Apply for Borrow

  • Connect a wallet that supports the WEMIX 3.0 Mainnet.

  • Check out the process for using the Borrow service.

  • To register for a Borrow, you must possess NFTs that are eligible for use on NFTFi. All NFTs supported on NILE's marketplace, except for ticket NFTs, can be utilized through the NFTFi service.

Select Collateral NFT

  • Select the NFT that you would like to use as collateral for the borrow application.

Set Borrow Conditions

  • Set the borrow amount and annual borrow fee rate, which are detailed inputs on the borrow application.

  • You can use the same type price chart to check the relevant data of NFTs within the same collection, all of which possess an equal amount of Covenant.

    • Covenant: The converted value of the Covenant for NFTs of the same type

    • Average Sales: The daily average value of the initial sale and secondary market transaction price for NFTs of the same type

    • Average Bids: The daily average value of final bid prices for NFTs of the same type

    • Successful Bid: The amount of successful bid per transaction for NFTs of the same type

  • You can check the recommended borrow amount by clicking the 'Recommend Amount' button.

    • The 'Recommend' button will only be displayed if there is available data on the average bid price for NFTs of the same type within the last 7 days.

    • The recommend borrow amount is determined based on the average borrow amount from recent transactions. Please note that the borrow applicant is responsible for any decision.

  • After entering the conditions, you can set the bid period after reviewing the calculated annual borrow fee rate and the fixed borrow fee for the conditions.

  • The platform fee rates will apply based on the set bid period as following : 12 hours (0.10%), 24 hours (0.20%), 36 hours (0.30%), 48 hours (0.40%)

  • Review the requested borrow application information and the total payment amount.

  • A gas fee(WEMIX) must be paid to process the transaction, and it is subject to real-time fluctuations.

  • Once Borrow is approved, the borrow amount and the platform fee will be refunded upon receipt of the borrow amount.

  • Borrow application completed. View your product's bidding status by pressing the 'View List' button.

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