A notable collector secured a $2.75 million loan against CryptoPunk 8348, a unique NFT with seven traits, utilizing NFT lending platform GONDI. The loan features a six-month term and a 20% interest rate, requiring repayment or the borrower forfeits the asset. Originally purchased for 85 ETH in May 2020, this CryptoPunk has become emblematic of collector Seedphrase's online identity. Seedphrase likened the arrangement to using a Picasso as collateral, emphasizing its liquidity and strategic financial benefits in the cryptocurrency market. GONDI’s loan is the largest NFT loan to date, reflecting NFTs’ emergence as a legitimate asset class. Seedphrase noted that on-chain lending offers transparency and accessibility uncommon in traditional finance. GONDI has gained traction by supporting various NFT projects while the CryptoPunk market has recently seen a rise in floor prices, suggesting renewed investor interest.

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