Drops

Drops is a DAO that offers a platform for users to leverage their NFTs for digital art and collectibles, metaverse assets, and even financial NFTs—which represent bonds, insurance, and real-world assets. The testnet of its platform was launched in October 2021, and provides a permissionless lending pool that allows users to lend their idle tokens in exchange for NFT collateral to generate a yield from those who wish to borrow. Drops allows for borrowing up to 80% of the collateral value and through a partnership with deBridge, it is able to handle assets from multiple blockchains. Once the testnet phase is completed, the platform will be subject to an audit before a mainnet launch.

Drops raised USD 1 million in May 2021, through a funding round led by Axia8 Ventures. The funds were to be used for development, marketing, operational expenses, and liquidity.