What is cyan? Cyan is a BNPL (Buy Now Pay Later) platform that allows users to own Blue Chip NFTs with only a small upfront payment. So what’s special about this project? Let’s find out with Weakhand in this article.
What is Cyan?
Overview of Cyan
Cyan is a platform BNPL (Buy Now Pay Later) Deployed on Ethereum. Cyan allows users to purchase 1 NFT Blue Chip with only a small upfront payment. Loans are offered with a variety of terms and prepayment terms allowing users to be flexible in choosing suitable loans. Payments are made monthly with the first payment due on the 31st day from the time of prepayment.
What is Cyan?
For example: Alice chooses to buy 1 NFT MAYC in the form of BNPL. Alice can choose a pay off period of 1 to 6 months with a down payment of 25% – 66%. In this case, Alice chooses 33% prepayment and completes the payment process in 1 month.
Example of BNPL on Cyan
With the current NFT MAYC price being 10.66 ETH, Alice will have to pay 3.52 ETH upfront and complete the remaining 7.26 ETH before 31 days from the current payment time.
Note: A higher down payment will result in a lower interest rate, while a shorter loan term will also result in a lower interest rate. Additionally, after completing the initial payment process NFT will be immediately transferred to the user’s personal wallet and they can use all the benefits of NFT. However, the only limitation is that the NFT cannot be sold or transferred out until the payment process is completed.
What is the Cyan difference?
Users can set up the automatic payment function as well as receive notifications each time a payment is due. In addition to the BNPL function, Cyan also supports two other functions:
- NFT Loans: Allows users to use NFTs as collateral to borrow ETH at a maximum LTV of 66%.
- Cyan Vault: This is where users can Stake ETH to receive passive income, user deposits are used to fund user loans and BNPL.
Core Team
He first bought Bitcoin in 2013 and has been involved with the market since then. He has more than 10 years of experience in trading at investment banks and hedge funds before becoming Founder of Cyan.
In addition, Cyan is also developed by a Developer team with many quality members such as: abimanyu, Lhagi, Naba, Zori.
Investor
June 23, 2022: Cyan announced a successful $2M fundraising led by Gumi Cryptos Capital and Animoca Brands. There are also a number of other investors such as: OpenSea, Fabric Ventures, ….
Tokenomics
Update…
Cyan Project Information Channel
- Website: https://www.usecyan.com/
- Twitter: https://twitter.com/usecyan
- Discord:
summary
The BNPL feature is really useful to help users gain access to Blue Chip NFTs without enough capital. With support from giants such as Animoca Brands and Gumi Cryptos Capital, Cyan will have certain advantages over other competitors in becoming a leading platform in the BNPL field. Hopefully through this article everyone has interesting knowledge about Cyan.
