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Bacon Protocol offers industry-first ‘NFT mortgages’
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Decentralized mortgage lender Bacon Protocol has minted its first seven mortgages as nonfungible tokens, or NFTs, offering investors and borrowers new options for accessing the residential mortgage market.
The interest rate for each NFT mortgage ranges from 1.5% to 3.1% on properties in four U.S. states, the company disclosed Wednesday. That’s the interest rate borrowers pay after minting their mortgage through Bacon Protocol. By comparison, the average mortgage rate in the United States ranged from 2.27% to 2.98% for the week ending Nov. 10, according to Freddie Mac. The 30-year fixed-rate mortgage peaked at 3.14% on Oct. 28.
Bacon’s decentralized mortgage platform, which launched in September, gives homeowners the ability to exchange a
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