MetaStreet: Increasing NFT Lending Volume with Affiliates

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What is MetaStreet?

MetaStreet is a platform that facilitates the tokenization and collateralization of digital assets, allowing users to obtain loans using NFTs as collateral. The platform offers innovative solutions to maximize the value of digital assets and improve liquidity in the NFT market.

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The Challenge

MetaStreet, following the launch of its new protocol "MetaStreet V2”, aimed to attract the attention of existing and potential users. With the goal of expanding its user base and fostering participation in the NFT lending market, the platform needed an effective incentive program. This program was designed to reach new users in the NFT world and encourage them to become lenders or engage in loans on its platform.

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The Solution

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MetaStreet has launched an affiliate program that offers generous rewards to those who invite new participants to engage in activities on the platform. This program encourages exploring high-yield NFT loans and maximizing earnings by recommending friends. Users receive rebates in $ETH as rewards for the interest generated by their referrals, whether they act as borrowers or lenders.

The MetaStreet team utilized the Fuul platform to manage referral links, claim rewards, and make real-time payments.

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Results‍

At the end of the first month of the affiliate program, MetaStreet experienced a remarkable increase in lending volume. The figure rose from $41M to $58M, representing an impressive 41% growth in just one month, highlighting the active participation of new users on the platform.

Additionally, the total value locked (TVL) increased by 55% in one month, rising from $10.4M on November 8, 2023, to $16.1M on December 8, 2023, according to Defillama. This reflects a significant increase in deposits by lenders on the platform.

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Conclusion

MetaStreet's analysis demonstrates the effectiveness of the Fuul platform in implementing its affiliate program. By using Fuul to manage all aspects of the program, MetaStreet has significantly increased user participation, capital deposits, and loan volume on its platform. This shows that incentives are crucial strategic tools for driving rapid growth.