Drops have announced a partnership with the NFT platform Enjin to enable users to stake and borrow against Enjin-powered NFTs.
Drops users will be able to use their Enjin-powered NFTs for getting a range of popular Ethereum-based assets, including stable coins as loans. Users will be able to use these borrowed funds for yield farming in Drops Vault.
Enjin platform’s native cryptocurrency, the Enjin Coin (ENJ), will also be used as collateral on Drops for receiving loans in USDC, ETH, and WBTC.
In the future, Drops will integrate Efinity, Enjin’s upcoming Polkadot-based blockchain for NFTs. Moreover, Drops will bring loans products access to the forthcoming Enjin Wallet 2.0.
Enjin is a pioneer in the blockchain NFT industry and creator of the ERC-1155 token standard. The platform now powers billions of digital assets on blockchain. Users can mint their own NFTs infused with ENJ (or JENJ) tokens and have a real-world value.
Idle NFTs do not have any benefits for owners other than making a profit through selling. Drops give a new utility to these idle assets by providing access to different De-Fi products.
Enjin Recently sold $EFI tokens for $18.9 million in a private round and another $20 Million in a public sale with over 40,000 participants.
Make sure you check out the Gaming Multiverse, Enjin’s initiative for an interconnected universe of games.