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[arallmuus]

NFT loans I think the next thing is NFT staking?

NFT staking is already available on Rollbit since a month ago iirc, well its not really 'NFT' but only limited to Rollbot. You can stake your Rollbot to receive 50% share of the NFT marketplace fee on Rollbit ( well small amount unless you have a decent number of percentage share ), thats quite awesome rather than storing your NFT in either your wallet or list it on marketplace with no utility at all

[rhomelmabini]

NFT staking is already available on Rollbit since a month ago iirc, well its not really 'NFT' but only limited to Rollbot. You can stake your Rollbot to receive 50% share of the NFT marketplace fee on Rollbit ( well small amount unless you have a decent number of percentage share ), thats quite awesome rather than storing your NFT in either your wallet or list it on marketplace with no utility at all

Well, that make sense that they will only allow Rollbots to be staked since it's their project, I guess that's still NFT staking. I do NFT staking on one project and it's really awesome to know that you can still have the utility over it and I'd rather do it than just stuck it on my wallet, the only hindrance sometimes was the gas fees since it's on Ethereum network.

[dezoel]

Anyway, Rollbit launched NFT loans on their site. Basically you can put up your NFT as collateral and borrow some amount from the site with 7 days free interest, cool stuff huh and I dont think that there is any gambling site out there that has similar feature. It seems that Rollbit is trying to launch as many new feature as they can that revolve around the NFT hype

https://blog.rollbit.com/introducing-nft-loans/

Saw it few days back and really like the concept of collateral loan against your NFT and above of that if you can repay it within a week no interest for the same is good approach to help and boost the new addition.They are one of type because i think they are first one to launch their own NFT so they are coming up with these new ideas.

The problem with getting a loan using your NFT is that you are giving something that has no value and a lot of value at the same time. These NFT's do not have value to some people, it means zero to them, like a house does have value for all, but a painting? Not so sure about it. Same here as well, I doubt that it would be the same for everyone and the value fluctuates because of this, I personally believe that we should definitely look at this as a problem of collateral and not the lending idea itself.

In any case, rollbit could use this to get a lot of NFT back and that could be used as a store of "value" for them since when they sell it, they will make money one way or another, maybe a lot, maybe not so much but at least they would and that's something quite important for a casino to have some back up plan in case someone wins a big amount.

[Mahanton]

Anyway, Rollbit launched NFT loans on their site. Basically you can put up your NFT as collateral and borrow some amount from the site with 7 days free interest, cool stuff huh and I dont think that there is any gambling site out there that has similar feature. It seems that Rollbit is trying to launch as many new feature as they can that revolve around the NFT hype

https://blog.rollbit.com/introducing-nft-loans/

Saw it few days back and really like the concept of collateral loan against your NFT and above of that if you can repay it within a week no interest for the same is good approach to help and boost the new addition.They are one of type because i think they are first one to launch their own NFT so they are coming up with these new ideas.

The problem with getting a loan using your NFT is that you are giving something that has no value and a lot of value at the same time. These NFT's do not have value to some people, it means zero to them, like a house does have value for all, but a painting? Not so sure about it. Same here as well, I doubt that it would be the same for everyone and the value fluctuates because of this, I personally believe that we should definitely look at this as a problem of collateral and not the lending idea itself.

In any case, rollbit could use this to get a lot of NFT back and that could be used as a store of "value" for them since when they sell it, they will make money one way or another, maybe a lot, maybe not so much but at least they would and that's something quite important for a casino to have some back up plan in case someone wins a big amount.

Come to think that casinos specially long time running do able to withstand those challenges specially if there are big wins but still until now they are completely operational and running since they do know on how to handle the business well and made out some limits which might cause them to get bankrupt which it is understandable or common sense that they would able to do so and now that NFT trend is on add up then
this would be always act as an option at least but i dont see that Rollbit does rely on this one much.

[Maus0728]

The problem with getting a loan using your NFT is that you are giving something that has no value and a lot of value at the same time.
[snip...]

Agree! I know it sounds ridiculous, but wouldn't people with the listed NFT be able to take out a loan, receive actual money from Rollbit, then default on the loan and simply disappear? The issue of defaulting is not even mentioned or discussed in their article. In fact, this NFT Loan craze has the potential to be abused by money-hungry turds.

On the bright side, if someone intentionally defaulted on a loan with their NFT as collateral, they could end up losing hundreds or even thousands of dollars if Rollbit successfully sold an artwork worth far more than the loaned NFT. One example is this^[1].

[1] https://www.theblockcrypto.com/post/123165/someone-took-out-a-1-4-million-loan-with-an-nft-as-collateral?utm_source=rss&utm_medium=rss

[worle1bm]

How could they be so diverse as a gambling site? I think this is a good addition for them considering how hyped their Rollbit NFT was and how nice to have 0 interest for a week, it's win-win thing I guess. NFT loans I think the next thing is NFT staking? I don't know if anyone has heard of it but anyone can learn it here from Binance.

We don't know their next plans but what they have disclosed at this time is already running quite successfully and they are mostly running different programmes related to NFT like this loan was great thing to me and think they are providing unique services to the gamblers and NFT holders.You can see on social media account they are giving away some of NFT and normal giveaways.

[aysg76]

Speaking about NFT then Rollbit is quite serious about them and putting up funds to have their hands on for different-different projects in order to giveaway and other purposes.Here have a look at it :

We have 165 ETH and want to buy more jpegs🤑

Let us know what projects you think we should invest in below and we'll be sweeping the floor on some 🧹

🧵 We'll post what we pick up below! https://t.co/nrHOqICVG7

Want to know what they are planning apart from the NFT collateral loan and giveaways to the gambling community.It is Looking good and they are coming up so many diversified things at one time which is engaging and entertaining for players.

[Haunebu]

Agree! I know it sounds ridiculous, but wouldn't people with the listed NFT be able to take out a loan, receive actual money from Rollbit, then default on the loan and simply disappear? The issue of defaulting is not even mentioned or discussed in their article. In fact, this NFT Loan craze has the potential to be abused by money-hungry turds.

On the bright side, if someone intentionally defaulted on a loan with their NFT as collateral, they could end up losing hundreds or even thousands of dollars if Rollbit successfully sold an artwork worth far more than the loaned NFT. One example is this^[1].

[1] https://www.theblockcrypto.com/post/123165/someone-took-out-a-1-4-million-loan-with-an-nft-as-collateral?utm_source=rss&utm_medium=rss

This is a risky endeavour. NFTs themselves are gimmicks basically and taking loans by using them as collateral is absolutely insane if you ask me.

Rollbit is basically gambling using this high risk, high reward approach and I don't think it will be feasible in the long-term. On the other hand, the risk factor for NFT owners is way lower in comparison.

[dezoel]

I know it sounds ridiculous, but wouldn't people with the listed NFT be able to take out a loan, receive actual money from Rollbit, then default on the loan and simply disappear? The issue of defaulting is not even mentioned or discussed in their article. In fact, this NFT Loan craze has the potential to be abused by money-hungry turds.

On the bright side, if someone intentionally defaulted on a loan with their NFT as collateral, they could end up losing hundreds or even thousands of dollars if Rollbit successfully sold an artwork worth far more than the loaned NFT. One example is this^[1].

It is not here yet, so I am going to postpone my judgment until it happens. I want to see how NFT as collateral loans could work, because to me there is no possible way that it could ever work. There could be some examples here and there but I feel like Rollbit can't be selling for that much higher than what it was worth when they initially gave out the loan.

This is like giving out Mona Lisa as a collateral, I mean I have a certain amount of money, even if I give everything I own, I can't pay enough for it, but there could be "someone" out there who would. So, it means we just have to wait and see if that person would pay for that NFT in the end. If they would, then Rollbit is in the luck and this will work, if not then they are going to drop the price and they would have to handle this a lot more professionally than any other place and make a profit from it.

[worle1bm]

Agree! I know it sounds ridiculous, but wouldn't people with the listed NFT be able to take out a loan, receive actual money from Rollbit, then default on the loan and simply disappear? The issue of defaulting is not even mentioned or discussed in their article. In fact, this NFT Loan craze has the potential to be abused by money-hungry turds.

On the bright side, if someone intentionally defaulted on a loan with their NFT as collateral, they could end up losing hundreds or even thousands of dollars if Rollbit successfully sold an artwork worth far more than the loaned NFT. One example is this^[1].

[1] https://www.theblockcrypto.com/post/123165/someone-took-out-a-1-4-million-loan-with-an-nft-as-collateral?utm_source=rss&utm_medium=rss

This is a risky endeavour. NFTs themselves are gimmicks basically and taking loans by using them as collateral is absolutely insane if you ask me.

Rollbit is basically gambling using this high risk, high reward approach and I don't think it will be feasible in the long-term. On the other hand, the risk factor for NFT owners is way lower in comparison.

They might also be taking some precautionary measures before providing any collateral loan as why would they go in such high risk features that would turn them into loss? Like the laon could be given about 80% of the value of that particular NFT and later on non repayment of loan it could be sell again on the marketplace.The team might have thought about the same as they evaluate all the risk factors beforehand launching any feature.

[aysg76]

There are some talks about rollbit NFT then here are some clarifications for the same.They have introduced this feature like you can borrow against your NFT for a period of 7 days only without any interest charges for which means pay the exact amount for the loan you have borrowed.

Speaking of risk factors then check it :

Currently, loans are offered for a duration of 7 days, there are no fees or interest charges and you can re-borrow as many times as you want. Note that if the loan is not repaid within 7 days, the NFT used as collateral will be automatically put up for sale in our marketplace.

But if you want to know more about these NFT loan feature then read this blog and you will have a proper idea about them and liked the concept

Rollbit NFT loans

[barbara44]

This is a risky endeavour. NFTs themselves are gimmicks basically and taking loans by using them as collateral is absolutely insane if you ask me.

Rollbit is basically gambling using this high risk, high reward approach and I don't think it will be feasible in the long-term. On the other hand, the risk factor for NFT owners is way lower in comparison.

They might also be taking some precautionary measures before providing any collateral loan as why would they go in such high risk features that would turn them into loss? Like the laon could be given about 80% of the value of that particular NFT and later on non repayment of loan it could be sell again on the marketplace.The team might have thought about the same as they evaluate all the risk factors beforehand launching any feature.

I believe that if you owned the NFT and wanted to sell it, you would probably sell it for much lower than what rollbit would sell it. Let's assume that there is a buyer, who would he want to buy from? You, or rollbit itself? This is why the loan scheme could work, not because it makes sense in logic but because of the credibility rollbit has.

In this situation, we are talking about them getting something like a proper amount for the risk they are carrying only because they are rollbit. Try to do an NFT collateral based lending business yourself and you will end up with a big loss, whereas if Rollbit does it and only to their own NFT's as well, aka rollbots, then they could actually sell it for a decent money.

Hence, yeah the idea sucks and it should not work in most cases, but at the same time we are talking about something that could work only in this situation.

[arallmuus]

Let's assume that there is a buyer, who would he want to buy from? You, or rollbit itself? This is why the loan scheme could work, not because it makes sense in logic but because of the credibility rollbit has.

This is misconceptual. Credibility doesnt matter in the first place because you cant sell a fake NFT piece in Rollbit's NFT marketplace hence all the NFT pieces in Rollbits are legit. The fact that Rollbit launched this feature is probably because they believe that all defaulted NFT that they took will be sold with higher price or atleast at the same amount that the loan was taken

They are willing to spend half million dollars on NFT so that kinda shows that they do really believe that most NFT will be even more valuable in the future

[worle1bm]

This is misconceptual. Credibility doesnt matter in the first place because you cant sell a fake NFT piece in Rollbit's NFT marketplace hence all the NFT pieces in Rollbits are legit. The fact that Rollbit launched this feature is probably because they believe that all defaulted NFT that they took will be sold with higher price or atleast at the same amount that the loan was taken

They are willing to spend half million dollars on NFT so that kinda shows that they do really believe that most NFT will be even more valuable in the future

Exactly and why would they risk out such big amounts of loans without taking any security steps.The NFT they will accept as collateral will be sold out in case of non repayment of loan within time limit and the amount will be recovered easily.There are many buyers who will be willing to buy it due to lot of benefits along with them on Rollbit so they are safe in this case.

[noormcs5]

This is misconceptual. Credibility doesnt matter in the first place because you cant sell a fake NFT piece in Rollbit's NFT marketplace hence all the NFT pieces in Rollbits are legit. The fact that Rollbit launched this feature is probably because they believe that all defaulted NFT that they took will be sold with higher price or atleast at the same amount that the loan was taken

They are willing to spend half million dollars on NFT so that kinda shows that they do really believe that most NFT will be even more valuable in the future

Exactly and why would they risk out such big amounts of loans without taking any security steps.The NFT they will accept as collateral will be sold out in case of non repayment of loan within time limit and the amount will be recovered easily.There are many buyers who will be willing to buy it due to lot of benefits along with them on Rollbit so they are safe in this case.

Exactly, if you buy NFT on a credible site such as Rollbit, there is no guarantee that you can sell the same NFT at higher prices. NFT price will be determined if anyone is willing to buy your NFT at your demand price. The NFT site or the gambling site has nothing to do with it. They are just providing a credible platform where you can interact with the buyers and sellers of NFT.

[aysg76]

Exactly, if you buy NFT on a credible site such as Rollbit, there is no guarantee that you can sell the same NFT at higher prices. NFT price will be determined if anyone is willing to buy your NFT at your demand price. The NFT site or the gambling site has nothing to do with it. They are just providing a credible platform where you can interact with the buyers and sellers of NFT.

It's the simple rule of economics which is applicable in buy/sell procedure of NFT also.Like you can list your NFT at any price but if the buyer is willing to pay that much you can sell it otherwise it would remain with you only.In case of these NFT the lowest rate at which NFT of some project is listed is termed as Floor Price.But Rollbit NFT are in demand by the players which means it could be sell at normal profits not too much.

[shasan]

https://blog.rollbit.com/introducing-nft-loans/

It is a great news that rollbit has introduced loan system on their platform using Non-Fungible Tokens as collateral. And it is a great milestone for rollbit as well as for the gambling platform. I think others gambling site should allow these types of loan. Many gambler will be benefited for that.

[JohnBitCo]

https://blog.rollbit.com/introducing-nft-loans/

It is a great news that rollbit has introduced loan system on their platform using Non-Fungible Tokens as collateral. And it is a great milestone for rollbit as well as for the gambling platform. I think others gambling site should allow these types of loan. Many gambler will be benefited for that.

I do not understand how the loan collateral can be paid in the form of NFT. Lets suppose i own an NFT and i put it as collateral and get loan. The problem here is who will determine the NFT price at the time of being put it as collateral. What if the lender does not return the loan and then no one buys the NFT to cover the loan for the rollbit  

[shasan]

I do not understand how the loan collateral can be paid in the form of NFT. Lets suppose i own an NFT and i put it as collateral and get loan. The problem here is who will determine the NFT price at the time of being put it as collateral. What if the lender does not return the loan and the no one buys the NFT to cover the loan for the rollbit  

Rollbit has selected only few types of NFT. I don't think the price of those nft will be too down. And also they will not allow the loan for the same price of the nft. They will cut certain percent for the loan. I am not sure but it might be something like: If the price of the nft is 15000$ then the user may receive 10000$ or something like that. If the borrower do not give return the loan amount then the lender (rollbit) will sell the collateral.

[SquirrelJulietGarden]

I do not understand how the loan collateral can be paid in the form of NFT. Lets suppose i own an NFT and i put it as collateral and get loan. The problem here is who will determine the NFT price at the time of being put it as collateral. What if the lender does not return the loan and the no one buys the NFT to cover the loan for the rollbit 

Their loan will be fee-free, interest-free that is good. With this loan service, Rollbit seems to aim at attracting more users and more active betting on their casino. They don't care about fee or interest at all. They waive it to make their loan more attractive.

https://blog.rollbit.com/introducing-nft-loans/

How Do NFT Loans Work?

Use your Non-Fungible Tokens (NFTs) as collateral for 7-day loans with no fees or interest charged!

Rollbit has selected only few types of NFT. I don't think the price of those nft will be too down. And also they will not allow the loan for the same price of the nft. They will cut certain percent for the loan. I am not sure but it might be something like: If the price of the nft is 15000$ then the user may receive 10000$ or something like that. If the borrower do not give return the loan amount then the lender (rollbit) will sell the collateral.

They are pro enough to make good filtering process and make good choices for their NFT collections. Allowable amount for loan would be lower than the value of collateral because Rollbit have to make sure that their loan fund will be safely against price changes on volatile crypto market. They do know about that and NFT market is more volatile than general crypto market. Because NFT is a younger ecosystem and market so it is more vulnerable to news and FUD.