The project has two main use cases: 1) Users can put their NFTs up for borrowing. Anyone can borrow the NFTs as long as they pay the collateral and price to borrow. Once the lending period ends the borrower sends the NFT back and receives the collateral amount. (Working) 2) ERC-721 tokens could also be used as collateral for loans. A user who has a desirable NFT and needs access to liquidity but doesn't want to sell their asset, can ask for a loan with the NFT being the collateral. An underwriter on the platform would accept the loan, if they agree with the details, and receive interest for taking on the risk. (Not working)
How It's Made
The project uses React and web3js for the front-end. The contract was written in Solidity and is deployed on Rinkeby. The OpenSea API is also used for retrieving data about NFTs.