Drops is a platform that brings decentralized finance (DeFi) infrastructure to non-fungible tokens (NFTs), providing essential utility to unused NFT assets.
The developers’ aim is to merge NFTs and DeFi, creating a platform that focuses on NFT assets and their use; it is built on the second-layer scaling solution Polygon. Drops users can use their NFT assets to receive trustless loans and yield farm, thereby reducing the opportunity cost of long-term storage.
The platform is developed by the Node Runners team. Drops directly connects digital art collectors with art creators. The platform will host limited-edition artwork releases that users can take part in via a raffle. The mechanism ensures fair competition and increases accessibility. Everyone is able to view the artworks, but in order to purchase one, a user has to take part in a raffle.
Drops was first announced in February 2021. In early May 2021, the platform announced the end of its private funding round, having secured nearly $1 million from private investors such as Axia8 Ventures, AU21, Bitscale Capital, D64 Ventures, Blocksync, Drops Ventures, Genblock and X21.
Besides Polygon, Drops’ other strategic partners include Polkastarter, Quantstamp, 0xb1, Biconomy, Kyros Ventures, PetRock Capital and Blockstar Technologies Inc.
