Tokyo-based crypto startup Yiedl has announced that it will launch a non-custodial peer-to-peer, or P2P, mortgage and rental market for non-fungible tokens, or NFTs.
Speaking to Cointelegraph, Yiedl founder and chief executive Kohshi Shiba asserted that the platform will support a myriad of tokens as most real-world assets are tokenized.
“For assets that have persistent external utility, I believe NFT is an appropriate token form,” Shiba stated, listing subscription rights, decentralized autonomous organization, or DAO, memberships, and intellectual property rights, and in-game items as examples of assets that will see increasing tokenization.
Yiedl to facilitate NFT-collateralized mortgages
Yiedl will comprise a P2P marketplace in which users propose their preferred lending or rental terms.
When another user fills the order, Shiba stated that “the agreement is set on Yiedl protocol and [the] transaction occurs,” — with access to the leased NFT being provided following the receipt of initial rent.
If a loan repayment is not met on time, the NFT is automatically returned to its owner, with the entire process taking place without intermediaries.
“I believe Yiedl opens up a…
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Author: Samuel Haig