Scratch introduces loans for NFTs

Scratch the NFT research, assessment, and loan company is introducing Scratch Platform the first platform to standardize the market value of NFTs by leveraging multiple public tools and data sets. The Scratch Platform backs up this valuation by offering investors the opportunity to take out loans with their NFTs as collateral.

According to Cointelegraph, NFTs are projected to have a trading volume of over $6 billion USD in January 2022, nearly double the previous all-time high of $3.5 billion USD in August 2021. But despite the success and high trading volume of NFTs, it’s a sector of the crypto economy that is lacking in standardized data research, asset valuations, and financial services.

Shawn Owens, Co-founder of Scratch provides further details on the goals of the Scratch Platform said “What it comes down to is trust. There is very little of it in NFTs right now, even with the massive trading volume, they’re presently enjoying and we anticipate will enjoy well into the future. There needs to be a platform that engenders that trust with solid data and standardization of NFT valuation. Confidence is then necessary for that valuation, and we provide that with secured loans, giving investors increased liquidity to capitalize on other short-term crypto opportunities. In short, we’re putting our money where our mouth is, resolving issues no one else is.

But some of these problems we recognize we can’t and won’t solve on our own. Scratch Platform’s APIs will also enable our partners and partnerships to help make the NFT marketplace a secure, stable, and scalable ecosystem.”

Further phases include the listing of Scratch Token on major exchanges, the BETA1 and BETA2 releases of Scratch Engine, the launch of Scratch Loans, and the final security audit before launching of the technology and Scratch APIs to the public.

Scratch Platform features Scratch Value: A programmatic valuation solution for NFTs and digital assets using multiple market tools and the latest market data sets. This allows investors to receive real-time values on their NFTs and other digital assets.  Scratch Loan: A first for NFTs, take out a loan of a percentage of the estimated NFT value on assets. Once assumed, the asset is stored in the Scratch Vault. Loan factors include the loan amount, length of the loan term, NFT desirability and value, etc.

Scratch Vault: The repository for all NFTs and digital assets loaned against. Scratch Vault assets are secured and insured to prevent loss of value. Transfer and cash-out options for investor assets will also be available.

Scratch Gallery: A future marketplace where investors can shop our collection of NFTs and other digital assets. The Scratch Gallery collection is obtained from assumed loans and direct purchases from the Scratch Engine, and potentially assets from Scratch Partners.



Recent News