I successfully made an NFT loan on Arcade. Unsurprisingly, it was against a .eth name. The borrower had actually contacted me on X that they had listed it so that probably contributed to this one going through. This loan was of a similar size to ones I’ve done on Teller and NFTfi, only .11Ξ (about $200 right now) at 118.51% APR over the course of 28 days. If you’re thinking “boy, that APR sure sounds high,” the total payback is only .12Ξ. The APR is high because APR is a time-based measure and this loan is only for 1 month, which creates a really inflated annualized percentage rate for something that doesn’t actually extend for at least one year. Here’s me talking about APR below:
Overall, the user experience of Arcade is pretty good.