• Chainwire NFTfi, a leading NFT lending platform, has launched the next phase of its loyalty program „NFTfi Rewards“.
• The reward structure is designed to incentivize responsible NFT lending and contribute positively to the overall NFT ecosystem.
• Users can get rewarded with exclusive reward points for borrower-friendly loans and responsible lending behavior.
NFTfi Launches Earn Season 1
Chainwire NFTfi, a leading NFT lending platform, has announced the launch of its new loyalty program “NFTfi Rewards”. This program aims to encourage user-friendly loans and responsible lending behavior in order to promote a healthy and non-predatory environment within the NFT space.
Principles for Earning Points
The points system works by rewarding users who pay back their loans on time with exclusive reward points. These points are earned upon repayment of an eligible loan, and can be seen under “unsecured points” in the rewards cockpit. If the loan gets repaid, these points turn into “secured points” which are visible on the leaderboard. The 500 wallets with the most secured points at the end of season 1 will receive a 2.5x multiplier on their final balance. However, washlenders (those who take out loans solely for the purpose of earning rewards) will not be rewarded as there are no points for low interest rates (APRs below 2%), short loan durations (fewer than 3 days), or related wallets.
Benefits of Responsible Lending
By incentivizing responsible borrowing and lending practices through this loyalty program, Chainwire hopes to contribute positively to the growth of the overall NFT ecosystem while also allowing lenders access to borrower-friendly loans that can be repaid over longer periods with higher yields than those offered by traditional credit markets. It also allows borrowers access to larger sums of money over longer periods without having to pay exorbitant interest rates or risk becoming over-indebted due to predatory lending practices.
Eligibility Criteria
Users must meet certain criteria in order to participate in this loyalty program; namely they must not be US residents or other US persons located in or outside of the US as they are not eligible participants in this scheme.
Conclusion
Earn Season 1 is Chainwire’s attempt at promoting a healthier environment for both borrowers and lenders within the growing realm of Non-Fungible Token (NTF) financing by rewarding responsible financial behaviour from users via exclusive reward point systems.
