C.R.E.A.M. Finance, a decentralized lending protocol, is bringing NFTs and the Metaverse to DeFi with phase one of its larger strategy to build the bridges between DeFi, NFT, and the Metaverse ecosystems.
In collaboration with Chainlink, C.R.E.A.M. Finance is now the first borrowing/lending DeFi protocol to support Axie Infinity’s AXS and Yield Guild Games’ YGG tokens. After the further addition of The Sandbox’s SAND and Decentralland’s MANA to their V1 Ethereum markets, it now supports the largest number of NFT and Metaverse governance tokens on a single DeFi lending platform.
“NFTs are an important onramp to bring mainstream users into the broader crypto ecosystem and ultimately, to DeFi. We are addressing this particular need for new growth allowing a new segment of crypto holders to benefit from their digital assets. We’re excited to share the first stage in our NFT strategy as we continue to build the necessary bridges between the ecosystems.”
– Leo Cheng, Co-Founder & Project Lead at C.R.E.A.M. Finance
C.R.E.A.M. Finance now supports six leading NFT and Metaverse tokens (AXS, YGG, OGN, MANA, SAND, and RARI) and allows users to borrow and lend against these assets to further bridge the gap between decentralized finance (DeFi) and increase capital efficiency.
“We’re proud of the impact Axie’s made in developing economies. 50% of our users have never used crypto before while 25% of our users don’t have a bank account. We’re excited to see this new AXS price oracle from Chainlink and C.R.E.A.M. Finance and we look forward to the products it will enable.”
– Jeffrey Jiho Zirlin, Co-founder of Axie Infinity
Currently, there is sporadic support for NFT tokens and the broader NFT ecosystem within the DeFi industry. This creates obstacles to growth as users are not able to fully utilize their assets: Composability of NFT tokens is limited, decreasing capital efficiency, and NFT holders themselves are unable to leverage the value of their asset to fund further growth.
“Our guild members are generating significant yield through play-to-earn games, and now, C.R.E.A.M. is helping them unlock greater utility for their assets in the metaverse. This is the democratization of finance in action, breaking down barriers to empower participation for a brand new segment of crypto users.”
– Gabby Dizon, Co-Founder, YGG
Increasing support for the borrowing/lending of NFT tokens plays a critical role in increasing the capital efficiency of those assets and bringing value to the users and token holders within those NFT ecosystems. The first step was decentralized price oracles, which Chainlink built for both AXS and YGG enabling the listing of these assets on C.R.E.A.M. Finance