Taker Protocol Raises $3M to Transform Cross Chain NFT Liquidity and Utilization
Taker Protocol, a crypto liquidity protocol for NFTs, has raised $3 million from a number of reputable investors to build new financial primitives into the burgeoning NFT market.
The round was led by Electric Capital, with Ascentive Assets, Dragonfly Capital, Spartan Group, The LAO, Sfermion and Morningstar Ventures participating as well.
Taker Protocol focuses on improving the liquidity available in the NFT market. Due to the unique non-fungible structure of NFTs, existing DeFi primitives are difficult to integrate into the market, resulting in significant issues in terms of overall liquidity. The value of an NFT is extremely volatile and often effectively becomes zero as no buyers can be found at any reasonable price. Furthermore, NFTs are difficult to use productively after purchase and often end up forgotten in the user’s wallet.
Taker Protocol aims to solve the worst of the liquidity issues for NFTs by bridging them with DeFi and implementing NFT lending. Owners of NFTs will be able to supply them into the protocol so that borrowers may use them. This can enable several unique use cases, such as renting profile picture NFTs or metaverse assets to start playing a video game. Lending on Taker is unique in DeFi as it does not depend on the value of the assets. Interest rates and the terms of the loan are fixed at the beginning, and only the failure to return the asset in time may result in liquidation.
The TKR token defines membership in the Taker DAO, which has several key functions in the system. In addition to setting loan-to-value rates and other parameters in the protocol, the DAO will also contribute in fairly appraising a particular NFT or NFT collection. This means that each asset supported by Taker will have a guaranteed fair floor price. In return, TKR holders will be able to obtain rewards and receive a portion of platform income.
The funds received will help Taker launch the full version of the protocol across multiple chains, including Ethereum, Polygon, NEAR, Solana and Polkadot. The support of major stakeholders and participants in the NFT ecosystem will also help further development of the project.
“We are absolutely thrilled to welcome so many well-established investment funds to the team,” said Angel X, Co-Founder of Taker. “Their participation heralds an exciting new phase for the protocol, as we seek to address persistent problems in the NFT lending market for the benefit of end users. This investment will enable us to further optimize liquidation on NFT assets across multiple blockchains, removing the barriers to entry that prevent new players from entering the market.”
About Taker
Taker is the first protocol to provide liquidity to the NFT market by combining it with DeFi primitives and DAO management. It is a multi-strategy, cross-chain lending protocol for lenders and borrowers to liquidate and rent all kinds of crypto assets, including metaverse assets and digital collectibles, but also financial papers, synthetic assets and more. Taker provides ensured liquidity via the LenderDao infrastructure and extensions that could be integrated into NFT marketplaces.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Text source: Crypto Daily™
