Over the last month or so, the battle of the NFT marketplaces took an unexpected turn, with the theme of the NFT lending taking center stage. Now, to bring Solana into the fold, Magic Eden has partnered with leverage trading platform, Robox, to launch a neat new ‘buy-now, pay-later’ feature.
Currently in its private alpha phase that users can join via its website, Robox will allow traders to purchase Solana NFTs on Magic Eden with as little as a 30% down payment. Through the scheme, it will essentially freeze the chosen NFT in the holder’s wallet for the duration of the loan. However, they will still retain utility benefits such as private Discord access, airdrops, whitelist allocation and more.
Once undertaking the loan, the new owner will face 3 options with regards to the future of the NFT. Firstly, they can opt to repay the loan plus its interest, which will effectively unfreeze the NFT and allow them to gain full access to the token. Secondly, they can choose to sell the NFT and pay off the remainder of the balance with the proceeds. Or, they can leave the agreed terms to run their course, which will see the Robox platform ‘auto-sell’ the asset to recoup the funds.
We’re happy to announce that Robox users can now buy NFTs listed on @MagicEden for only 30% of the price!
They can also list and instantly sell their NFT collateral through ME!
How does it work? Let’s dive in (1/8) pic.twitter.com/UAiP50fuNm
— Robox: NFT leveraged trading – Solana Grizzlython (@Robox_Fi) May 29, 2023
Robox and Magic Eden Enable a Test Drive Option for NFTs
The new system differs slightly from lending platforms such as those offered by Blur and Binance, as it acts more like a test-drive feature for NFTs. As a result, those eyeing a particular collection, but reluctant to take the plunge, can now trial it for a fraction of its value, while still unlocking the benefits associated with it.
Through the initiative, Robox has also added a $SOL staking feature, which will allow folks on the other side of the fence to provide liquidity to the platform while earning a dose of APY for their troubles.
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