Binance’s Non-Fungible Token (NFT) marketplace has introduced a new feature that enables users to borrow digital currencies using Non-Fungible Token (NFTs) as collateral, marking its entrance into the Non-Fungible Token (NFT) lending space.
The Binance Crypto exchange Non-Fungible Token (NFT) marketplace as of now supports ether (ETH) borrowing against “blue-chip” Non-Fungible Token (NFTs), such as Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), Azuki and Doodles, reports by an notice Thursday.
The current interest rate on Non-Fungible Token (NFT) loans is 7.91 percent p.a. and loan to value ratio ranges from 40 percent to 60%, reports by the Binance Crypto exchange Non-Fungible Token (NFT) website. There won’t be a gas fee or Ethereum (ETH) transaction fee charge.
Binance Crypto exchange introduced its Non-Fungible Token (NFT) marketplace in April 2021 and launched it in June of that year. Earlier these 30 days, Binance Crypto exchange Non-Fungible Token (NFT) stated it will add support for Ordinals, or Bitcoin (BTC) Non-Fungible Token (NFTs), adding to current blockchains teck Ethereum (ETH), Polygon and its native BNB Chain.
The Binance Crypto exchange Non-Fungible Token (NFT) loan feature comes shortly after Non-Fungible Token (NFT) marketplace giant Blur launched its Non-Fungible Token (NFT) lending protocol was known Blend earlier these 30 days. Blend allows lenders to set their own interest prices and loan-to-value ratios, as The Block Research‘s analyst Brad Kay informed recently. “Blend’s meteoric boost in the Non-Fungible Token (NFT) lending market is undeniable. As it persists to break new ground, the protocol is proving that a market-driven approach can successfully revolutionize the lending landscape,” reports by Kay.
