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Predicting the increasing tokenization of real-world assets, Tokyo-based startup Yiedl plans to launch the first P2P marketplace for NFT mortgages and rentals.
Tokyo-based crypto startup Yiedl has announced that it will launch a non-custodial peer-to-peer, or P2P, mortgage and rental market for non-fungible tokens, or NFTs.
Speaking to Cointelegraph, Yiedl founder and chief executive Kohshi Shiba asserted that the platform will support a myriad of tokens as most real-world assets are tokenized.
“For assets that have persistent external utility, I believe NFT is an appropriate token form,” Shiba stated, listing subscription rights, decentralized autonomous organization, or DAO, memberships, and intellectual property rights, and in-game items as examples of assets that will see increasing tokenization. Yiedl to facilitate NFT-collateralized mortgages
Yiedl will comprise a P2P marketplace in which users propose their preferred lending or rental terms.
When another user fills the order, Shiba stated that “the agreement is set on Yiedl protocol and bitcoin to paypal exchange instanly transaction occurs,” — with access to the leased NFT being provided following the receipt of initial rent.
If a loan repayment is not met on time, the NFT is automatically returned to its owner, with the entire process taking place without intermediaries.
“I believe Yiedl opens up a new horizon for the NFT ecosystem, and there will be massive new NFT owners in the future,” said Shiba. “Owning NFT will also become an investment since Yiedl enabled NFT owners to earn passive income with their assets.”