Drops has partners with Enjin – Adding Utility to ERC-1155 NFTs

Drops has partners with Enjin to enable staking and borrowing by Drops users against Enjin-powered non-fungible tokens (NFTs) and in-game assets.

ERC-1155 & ENJ Support

Drops is pleased to give new utility to Enjin-powered ERC-1155 tokens by supporting them with a specialized integration in the Drops protocol.

Drops users will be able to utilize their NFTs and in-game items without having to sell them, in order to borrow a range of popular Ethereum-based assets, including stablecoins. Borrowed funds can be used for a multitude of strategies such as yield-farming, a feature which will eventually be streamlined in the protocol via Drops Vaults.

The ENJ token will also be whitelisted for use as collateral within the Drops loans protocol, allowing users to borrow a range of supported assets against their ENJ holdings, including USDC, ETH, and WBTC.

About Enjin

Enjin offers an ecosystem of integrated products that make it easy for everyone to develop, trade, monetize, and market with blockchain. In 2009, Enjin launched the Enjin Network, a gaming community platform which boasts over 20 million users.

About Drops

Drops brings DeFi-style liquidity to NFTs, adding much-needed utility to idle NFT assets. Users can use their NFTs to access liquidity, create NFT leverage, obtain trustless loans and earn yield, reducing the opportunity cost of holding NFTs long-term.

➡️Source:
https://dropsnft.medium.com/drops-enjin-adding-utility-to-erc-1155-nfts-3fd65fc77445