NFTFi with Sharky Part 3: Borrowing Guide

Dashboard

To start borrowing against your NFTs, proceed to the ‘Borrow’ tab on the top menu, which directs you to the dashboard pictured above. The interface closely resembles that of the ‘Lend’ page, with a few notable distinctions:

• The APY percentage display is replaced with the exact SOL amount you will incur as interest upon accepting the best offer.
• Borrowers do not have the facility to propose loan terms; they must evaluate existing offers on a ‘take it or leave it’ basis.
• The borrow button will only be available if you actually hold the NFT in question.

Managing Loans

Navigate to the ‘Loans’ tab to view your open positions.

While your loan is active, the platform freezes the corresponding NFT, preventing any movement or transactions. You need to repay the loan fully to unlock this asset.

Note, paying off your loan early won’t reduce the interest you owe; you must pay the full interest amount.

Part 4 of this series will cover some important considerations for both borrowers and lenders.