With the increasing popularity of NFT-backed loans, we are seeing more collectors take advantage of them. An NFT collector just bought 190.45 ETH worth of BAYC, MAYC and BAKC to be used as mortgages at Blend and Arcade. The assets are valued at abut $330,000.
The well-known NFT collector, Franklinisbored.eth has returned. This time, their address has spent over 190 ETH in six hours, purchasing high-value non-fungible tokens.
The 190.45 ETH was spent on four Bored Ape Yacht Club (BAYC), three Mutant Ape Yacht Club (MAYC) and two Bored Ape Kennels Club (BAKC).
The NFTs the address bought in the past hours have been moved to Blend and Arcade, where the owner has mortgaged them for NFT-backed loans.
Borrowing for More NFTs
Reacting to the purchase, Cirrus @CirrusNFT said,
“Franklin just bought two Apes for the first time in two months and immediately took loans on them to buy more. “
A review of their account at Snow Genesis shows that they borrowed 50 ETH at 12% APR and would be paying back 50.49 ETH. The subject has taken out a total of 57 loans. One is still active while they defaulted on one. They’ve borrowed 1,958 ETH and lent 308.5 ETH using NFT-lending platforms.