Magnify Cash Partners with Watches.io to Enable Lending Desks for NFT-Backed Loans

Rizzo

• 2 min read
Magnify Cash Partners with Watches.io to Enable Lending Desks for NFT-Backed Loans

Magnify Cash is thrilled to announce a new partnership with Watches.io, the premier platform for tokenizing luxury watches. This collaboration enables lenders to create lending desks using Vaulted Watch NFTs as collateral, bringing liquidity to an industry traditionally limited to physical transactions. With Watches.io recently minting over 500 Vaulted Watches worth more than $10 million on the Base network, this partnership offers new opportunities for decentralized lending.

Bringing the $75B Watch Market On-Chain

Watches.io is on a mission to bring the $75B+ luxury watch market on-chain, making high-end timepieces more accessible and liquid. Each Vaulted Watch is backed by a physical watch, inspected and authenticated by certified watchmakers, and stored securely in a high-security vault in Miami, FL. The token’s metadata includes detailed images and information, such as reference number, condition, and year, giving buyers and lenders confidence in the asset’s authenticity.

Revolutionizing Lending with NFT-Backed Collateral

Magnify Cash and Watches.io are now making it possible for lenders to support liquidity for Vaulted Watch holders by creating lending desks on the Magnify platform. Lenders can set their parameters, allowing borrowers to access loans against their Vaulted Watch NFTs through a user-friendly interface. This opens a whole new realm of possibilities for both luxury watch owners and DeFi lenders alike.

Key Benefits:

  • Instant Ownership Transfer: The tokenization of watches allows users to trade ownership of these assets without handling the physical watch. Vaulted Watch NFTs make the process frictionless and instant.
  • Collateralized Lending: With Magnify Cash, users can borrow against their Vaulted Watch NFTs, using them as collateral to access liquidity. Lenders set the terms, creating unique opportunities for arbitrage and leverage.
  • No Technical Integration Required: Watches.io users benefit from the simplicity of Magnify’s platform, as no technical integration is required. Lenders can create a lending desk with preset parameters and borrowers can interact with a custom-branded interface.

A Simple and Powerful Solution for Lenders:

Create Custom Lending Desks for Watches NFTs: Magnify Cash operates as an open marketplace, where any lender can establish a lending desk to support liquidity for watches tokenized on Watches.io. Whether you're a watch enthusiast, NFT collector, or seasoned lender, you now have the opportunity to provide loans backed by luxury watch NFTs, creating new avenues for liquidity.

Lenders Can Start Now – Here’s How:

Right now, lenders can start creating lending desks with any amount of liquidity they choose, leveraging Watches.io’s NFTs as collateral. This partnership opens up the possibility for unique arbitrage opportunities, where lenders can use a variety of tokens on Base to maximize returns.

Broad Accessibility for All Users

Watches.io has also streamlined the process for both crypto-native users and newcomers. Using Privy.io, users can sign in with just an email or phone number to receive a self-custodial wallet and purchase Vaulted Watch NFTs. External wallets are also supported, and buyers can check out using crypto or credit card, making it easy for anyone to own a Vaulted Watch and leverage it through Magnify’s platform.

Looking Ahead: Transforming the Industry

This partnership marks a significant step in revolutionizing the luxury watch market by combining the power of NFTs and decentralized finance. With Watches.io continually expanding its inventory of Vaulted Watch NFTs, the future holds even more opportunities for lenders to participate in a growing market while collectors benefit from liquidity and flexibility.

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