Thread by @RiddlerDeFi

1/ NFTs have become a huge portion of web3 with billions of $$$ in volumes

A protocol is coming soon to erase the distance between #DeFi and #NFT forever

How? Let's take a look at @spice_finance 🔎
👇🧵

@spice_finance 2/

TL;DR 🎙️

@spice_finance is an upcoming protocol on $ETH which will aggregate NFT lending pools and make the process easier.

On Spice, you'll be able to get up to 30% APR without having to browse thousands of protocols 😩

Btw, Yields paid out in $ETH ✅

@spice_finance 3/

What I'll cover in this thread:

🐫 NFT finance
🐫 What is @spice_finance?
🐫 How does it work?
🐫 Backers and Partners
🐫 Final Alphas

@spice_finance 4/

NFT finance 🎨

We got used to seeing NFTs as digital collectibles, mostly of apes 🐒

But NFT can be much more:

Financial Tools 🧰

@spice_finance 5/

Q3 2022 amounted to $537M in NFT trading volumes, in a bear market 🐻

Of course, people looked for ways to capitalize on this ever-growing market 📈
👇
Lending/borrowing services for NFTs

@spice_finance 6/

There exist plentiful lending marketplaces, +30 at least

This market is a highly fragmented one though 🤔

@spice_finance thinks this market could be much bigger and has a plan to give it a big push 🙌

An NFT lending aggregator

https://twitter.com/spice_finance/status/1589611146239442946

@spice_finance 7/

What is @spice_finance❓

Spice proclaims itself as the bridge between #NFTs and #DeFi

In order to do this, they are creating an NFT loans and pools aggregator

@spice_finance 8/

NFT holders needing money will use NFTs as collateral and borrow capital with interests 💱

You'll be able to deposit your crypto in Spice and the protocol will earn yield for you from the NFT lending

@spice_finance 9/

Target audience:

👤DeFi yield farmers
👤Individual NFT lenders
👤Credit funds and institutions
👤Degen whales
👤NFT DAOs
👤DeFi DAOs and Protocol treasuries

@spice_finance 10/

Pools and loans are already available but the extreme fragmentation requires lots of research 🔍

25+ marketplaces
3000+ unique loans and pools
Many different lending mechanisms

It turns investors away from 20-30% APRs 😖

@spice_finance 11/

The protocol is in test right now and it has been earning these 20-30% APRs steadily

Once launched, the unified Spice lending pools UI will have

❗Standardized risk
❗Optimized yields
❗Automated capital deployment
❗Passive fund management

@spice_finance 12/

How does Spice choose the pools to fill?

@spice_finance has an appraisal system in-built into the protocol

This appraisal system is an aggregate of the best NFT appraisal tools to get the most accurate NFT pricing data 🔍

@spice_finance 13/

Spice really cares about calculating risk❗

The protocol's users save time and know more clearly about the lending offer

The keywords are

👉Aggregate
👉Standardize
👉Simplify

@spice_finance 14/

@spice_finance will start from $ETH but plans emerging from the discord servers are to move cross-chain in the future 🌐

Imagine the magnitude of getting APRs from all these chains' NFTs

Not just #BAYC and @cryptopunksnfts

@spice_finance @cryptopunksnfts 15/

Backers 💰

@spice_finance has raised $1,690,420 dollars (And that's the real number, lol) in a fundraise led by @shimacapital

In this raise, various investors chimed in for this unique and innovative protocol

@protofundvc @BigBrainVC @OriginProtocol and more

@spice_finance @cryptopunksnfts @shimacapital @protofundvc @BigBrainVC @OriginProtocol 16/

If you want more info on the raise and extra alpha on the protocol, read the first medium here👇

https://twitter.com/spice_finance/status/1585670182042836993

@spice_finance @cryptopunksnfts @shimacapital @protofundvc @BigBrainVC @OriginProtocol 17/

@spice_finance has also kept opening partnership with #deFi protocols and NFT lenders like @Sodium_fi

An expanded list:

@PineProtocol
@Nabu_xyz
@NFTfi
@insrtfinance
@AstariaXYZ

@spice_finance @cryptopunksnfts @shimacapital @protofundvc @BigBrainVC @OriginProtocol @Sodium_fi @PineProtocol @Nabu_xyz @NFTfi @insrtfinance @AstariaXYZ 18/

Final Alphas 🕵️‍♂️

If you're reading this, you're extremely early

But what can you do at the moment?

You can start by joining @spice_finance discord server and signing up on the site

spicefi.xyz
discord.gg/spicefinance

@spice_finance @cryptopunksnfts @shimacapital @protofundvc @BigBrainVC @OriginProtocol @Sodium_fi @PineProtocol @Nabu_xyz @NFTfi @insrtfinance @AstariaXYZ 19/

The discord server is a good place to catch more alphas

It's still relatively quiet as the project isn't too famous, you might even find out what Project Saffron is about 👀

@spice_finance @cryptopunksnfts @shimacapital @protofundvc @BigBrainVC @OriginProtocol @Sodium_fi @PineProtocol @Nabu_xyz @NFTfi @insrtfinance @AstariaXYZ 20/

That was it for this thread 🧵

You know the drill 🫡

Follow me @RiddlerDeFi for more alpha 🧠

Best way to support is to simply drop a RT + LIKE on the #1 tweet of this thread 🖤

https://twitter.com/RiddlerDeFi/status/1600586216293933057