In Largest-ever NFT-backed Loan, 101 CryptoPunks Put Up as Collateral

Blockworks Exclusive: The loan has an APR of 10% with a 30-day duration


Source: MetaStreet


key takeaways

  • The loan was completed by NFT liquidity scaling startup MetaStreet on lending platform NFTfi
  • “By having an active borrowing and lending market [in NFTs], you create productive assets that are otherwise viewed as unproductive,” Conor Moore, co-founder of MetaStreet, told Blockworks

In what has been billed as the largest-ever NFT-backed loan, an anonymous borrower just took out an $8 million loan collateralized by their collection of 101 CryptoPunks.

The loan has an APR of 10% and a 30-day duration. It was facilitated by liquidity scaling solution MetaStreet on peer-to-peer lending platform NFTfi.

The financing is seen by industry participants as a bellwether of the future of lending secured by digital collectibles — a market expected to grow as institutional interest in the sector continues to build.

Conor Moore, co-founder and chief operating officer of MetaStreet, told Blockworks the loan is “orders of magnitude larger” than previous NFT (non-fungible token) financing. MetaStreet helped to complete another record-breaking loan last year — a $1.42 million loan collateralized by an Autoglyph.

Moore did not disclose the identity of the borrower, who he referred to as “whale,” or someone who holds large amounts of cryptocurrency.

MetaStreet, which has eight full-time employees, secured $3 million in seed financing and $11 million in initial protocol liquidity earlier this year. The firm provides a layer of financial infrastructure to NFTs, specifically lending protocols such as NFTfi and Arcade.

“It’s sort of like how Fannie Mae works in the US housing market. You’ve got a big aggregation vehicle through which originators can sell loans that then get batched up and split into different tranches,” Moore said. “Those different tranches allow for more optimal capital efficiency.”

NFT collectors, co-founder and CEO of MetaStreet David Choi said, want to free up capital more efficiently and don’t want their cryptoassets to accumulate “virtual dust.”

“I think [NFT] borrowing markets will just grow bigger and bigger, which means its purchasing power will increase,” Choi said. “It’s like instead of putting all of your money into buying a house, you get a mortgage, which means you don’t have to pay that 90% until later. [With MetaStreet], I think we’re extending the purchasing power of the entire industry.”

Don’t miss the next big story – join our free daily newsletter.


Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Top Icon.png


Osmosis thrived in H2 2023 on the back of increased DeFi activity deriving from recently launched Cosmos-related projects and better market conditions. With new value accrual mechanisms for the native token, Osmosis is well-positioned to continue its strong performance in 2024.



Though the opposing flow trend is likely to slow over time, industry watchers note, bitcoin fund assets could one day eclipse the $90 billion gold ETF space


Celestia had the first mover advantage. EigenDA has staked ether. What sets Avail apart?


Bitcoin moved 1% higher Monday morning in New York, Matrixport analysts say $62,000 could happen next month


It’s hard to believe right now that crypto — even with all of its flexibility and massive capabilities — could ever be like cash on the internet


Michael Saylor announced Monday morning that MicroStrategy bought 3k more bitcoin after the X account was compromised over the weekend


Plus, Pudgy Penguins grows its brand and a group of Autoglyphs sell for $14.5 million