You can borrow against an NFT?

NFTfi is marketplace for NFT collateralised loans. As you might have guessed, it enables users to put their NFT assets up as collateral for a loan, or offer loans to other users on their non-fungible tokens.

Borrowers can put any ERC-721 token (i.e. the NFTs available on this site) up for collateralization. On accepting a loan offered by another user, ETH is automatically paid out from the lenders account to your own, and your NFT gets locked in the NFTfi smart contract. Once you repay the loan, the asset is transferred back to you. Otherwise, if you don’t pay the total repayment amount before the due date, the NFT is transferred to the lender.

But what about the physical asset backed NFTs?

We’re working on it.