fbpx

Bacon Protocol Shakes Up the Residential Mortgage Market

While DeFi works its magic in its move to provide an alternative to the bloodsucking financial mega-corps, one company is looking to NFTs to revolutionize the residential mortgage market. The tasty sounding, Bacon Protocol, will use NFT smart contracts to offer an alternative lending solution.

Hi-tech innovators, Bacon Protocol, recently minted their first NFT mortgages. In essence, they wrap a standard lien, a contact governing the right to an item of property, in an NFT, and then lend against it. Furthermore, AI calculates customer eligibility, in order to determine the best possible terms. The result is a reduced rate mortgage, governed by an immutable contract, with loans provided by platform creator, LoanSnap.

Bacon Protocol runs its operation via its own native token $BHOME, in turn backed by $USDC. And following the creation of the NFT, customers make loan repayments directly to the company. The plan is not to replace the current mortgage industry, but to improve on it using new tech. So far, Bacon Protocol has minted its first seven such mortgages located in four states within the USA. As a result of their innovation, the interest rates range from just 1.5%-3.1%. Moreover, having only launched in September, it seems they are making great progress.

Want more? Connect with NFT Plazas

Join the Weekly Newsletter
Join our Discord
Follow us on Twitter
Like us on Facebook
Follow us on Instagram

*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.

Leave a comment

Calculators

LIVE Prices for all cryptocurrencies related to Decentraland, Somnium Space and Cryptovoxels.

Ethereum

Decentraland MANA

Somnium Cubes

Newsletter

Stay up to date with our weekly roundup of independent news

Discord

Join in live community chat & all updates as they happen