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Luxury Watch Used as Collateral for DeFi Loan Facilitated by NFT

A collector of nonfungible tokens (NFTs) shared a story about how a luxury watch was used as collateral for a decentralized finance (DeFi) loan, facilitated by an NFT representing the watch. The borrower sent the watch to an escrow firm, which sent back an NFT representing ownership of the watch.

The NFT was then listed on the DeFi lending protocol Arcade, and lenders pitched their offers to the borrower. The process allows for anonymity and access to global liquidity, but some criticize it for being too centralized and adding NFTs where they are not necessary.

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