Blockchain technology has already changed much about the way people interact. But some innovators are hoping to push the technology’s limits even further: they’re betting the blockchain can transform the world into one giant pawn shop. 

Arcade.xyz, a DeFi protocol for NFT lending, has begun facilitating loans between strangers that use luxury watches as collateral, and employ NFTs to guarantee those loans’ terms. 

In the past few weeks, Arcade users have lent three Rolexes to anonymous lenders for cash—a Daytona, for $20,000 at 15% APR; a GMT-Master II, for $14,500 at 12% APR; and an Explorer for $20,000 at 12% APR. The owner of the Daytona and the Explorer also lent a Patek Philippe watch for $35,000 at 12% APR. The loans’ durations range from 56 to 90 days. 

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Author: Sander Lutz

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