DeFi borrower makes use of luxurious watch-backed NFT as collateral for a mortgage

A nonfungible token (NFT) collector shared the story of how a decentralized finance (DeFi) mortgage was collateralized by a luxurious watch and was facilitated with an NFT representing the asset.

On July 11, pseudonymous DeFi venture adviser CirrusNFT defined how a person was capable of borrow $35,000 from one other person through the use of an NFT that represented a bodily merchandise as collateral for the mortgage.

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