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Taker Protocol has raised $3 million to improve the liquidity and utilization of Cross-Chain NFTs

Taker Protocol, a crypto liquidity protocol for NFTs, has raised $3 million from a group of respected investors to develop new financial primitives for the rapidly growing NFT market.

Electric Capital led the round, with participation from Ascentive Assets, Dragonfly Capital, Spartan Group, The LAO, Sfermion, and Morningstar Ventures.

The Taker Protocol aims to increase the amount of liquidity accessible in the NFT market. Existing DeFi primitives are difficult to implement into the market due to NFTs’ distinctive non-fungible nature, resulting in major liquidity concerns. An NFT’s value is extremely variable, and it frequently falls to zero since no buyers can be found at any reasonable price. Furthermore, NFTs are difficult to use productively after purchase and are frequently forgotten in the user’s wallet.

By linking NFTs with DeFi and enabling NFT lending, the Taker Protocol aims to eliminate the worst liquidity difficulties for NFTs. NFT owners will be able to input their devices into the protocol so that borrowers can utilize them. This might open up various new possibilities, such as renting profile picture NFTs or metaverse assets to begin playing a video game. Lending on Taker is unique in DeFi because it is not based on asset value. Failure to return the asset on time may result in liquidation, given that interest rates and loan terms are specified at the outset.

The TKR token is used to identify members of the Taker DAO, which performs various important services in the system. For example, the DAO will assist in fairly evaluating a particular NFT or NFT collection, in addition to determining loan-to-value rates and other protocol characteristics. This means that each Taker-backed item will have a guaranteed fair floor price. In exchange, TKR holders will get prizes and a part of the platform’s revenue.

The funding will enable Taker to launch the full version of the protocol on Ethereum, Polygon, NEAR, Solana, and Polkadot, among other chains. In addition, the project’s progress will be aided by the support of key stakeholders and participants in the NFT ecosystem.

Angel X, Co-Founder of Taker said:

“We are absolutely thrilled to welcome so many well-established investment funds to the team. Their participation heralds an exciting new phase for the protocol, as we seek to address persistent problems in the NFT lending market for the benefit of end users. This investment will enable us to further optimize liquidation on NFT assets across multiple blockchains, removing the barriers to entry that prevent new players from entering the market.”

Something about Taker

Taker is the first protocol to combine DeFi primitives and DAO administration to bring liquidity to the NFT market. It’s a multi-strategy, cross-chain lending protocol that allows lenders and borrowers to liquidate and rent various types of crypto assets, including metaverse assets and digital collectibles, as well as financial papers, synthetic assets, and other assets. In addition, Taker ensures liquidity with the LenderDao infrastructure and extensions, which may be linked into NFT exchanges.

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