Binanceย Cryptoย exchange Non-Fungibleย Tokenย (NFT), a digital market platform for non-fungible cryptoย tokens and a subsidiary of Binanceย Cryptoย exchange cryptocurrency exchange, has launched a new lending feature letting cryptocurrency traders borrow cryptocurrency assets using Non-Fungibleย Tokenย (NFTs) as their collateral. Binanceย Cryptoย exchange Non-Fungibleย Tokenย (NFT) now poses a threat to Blurโs Non-Fungibleย Tokenย (NFT) lending market dominance.
Binanceย Cryptoย exchange Non-Fungibleย Tokenย (NFT) Rolls Out Non-Fungibleย Tokenย (NFT) Loans
In a May 25 site publication, Binanceย Cryptoย exchange Non-Fungibleย Tokenย (NFT) confirmed launching the lending platform on its marketplace. The new lending platform will enable users to borrow cryptocurrency, such as Ethereumย (ETH), using Non-Fungibleย Tokenย (NFTs) as collateral, marking its debut in the Non-Fungibleย Tokenย (NFT) lending market.
We are happyย to reveal our latest product, the Binanceย Cryptoย exchange Non-Fungibleย Tokenย (NFT) Loan.
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โ Binanceย Cryptoย exchange Non-Fungibleย Tokenย (NFT) (@TheBinanceNFT) May 25, 2023
Launched in April 2021, Binanceย Cryptoย exchange Non-Fungibleย Tokenย (NFT) is an Non-Fungibleย Tokenย (NFT) market platform allowing users to buy, sell and trade Non-Fungibleย Tokenย (NFTs). The Non-Fungibleย Tokenย (NFT) marketplace asย ofย now supports Non-Fungibleย Tokenย (NFTs) hosted on BNB Chain, Ethereumย (ETH), and Polygon. Binanceย Cryptoย exchange recently announced intendsย to include Bitcoinย (BTC) NFTs.
Reportsย by the notice, the Binanceย Cryptoย exchange Non-Fungibleย Tokenย (NFT) marketplace will let users borrow Ethereumย (ETH) using trending blue-chip Non-Fungibleย Tokenย (NFTs) such as Bored Ape Yacht Club, Mutant Ape Yacht Club, Azuki, and Doodles. The Non-Fungibleย Tokenย (NFT) marketplace has promised to include more Non-Fungibleย Tokenย (NFTs) in the coming weeks.
The Binanceย Cryptoย exchange Non-Fungibleย Tokenย (NFT) Loan feature will offer cryptocurrency loans at an interest price of 7.91%, with loan values ranging from 40 percent to 60%. These loans come with zero gas charges or Ethereumย (ETH) transaction fee charges. Binanceย Cryptoย exchange Non-Fungibleย Tokenย (NFT) marketplace allows users to borrow cryptocurrency without a processing period.
Binanceย Cryptoย exchange Threatens Blurโs Non-Fungibleย Tokenย (NFT) Lending Market Dominance
Binanceย Cryptoย exchange Non-Fungibleย Tokenย (NFT) marketplace joins a rapidly growing list of non-fungible cryptoย token marketplaces offering Non-Fungibleย Tokenย (NFT) lending services. In that context, the Binanceย Cryptoย exchange Non-Fungibleย Tokenย (NFT) now poses a new threat to Blur, the dominant Non-Fungibleย Tokenย (NFT) marketplace in the Non-Fungibleย Tokenย (NFT) lending market.
Earlier theseย 30ย days, the Blur Non-Fungibleย Tokenย (NFT) marketplace launched a similar new non-fungible cryptoย token lending protocol dubbed โBlend.โThe Blend is a peer-to-peer perpetual lending protocol for Non-Fungibleย Tokenย (NFTs), allowing users to use their Non-Fungibleย Tokenย (NFTs) as collateral to access Ethereumย (ETH) liquidity.
1/ Introducing Blend: the Peer-to-Peer Perpetual Lending Protocol for NFTs.
Built in collaboration with @danrobinson and @transmissions11 at @paradigm, Blend enables 10x higher yield opportunities than current protocolsย ofย Decentralizedย Finance and opensย up greater liquidity for NFTs.
Hereโs how ๐ pic.twitter.com/uOFC6i3LSq
โ Blur (@blur_io) May 1, 2023
Blur Lending platform allows lenders to set their interest prices and loan-to-value ratios. Blur lending plat offers loans with a โfixed rateโ and โno expiry.โ These loan prices are made on a peer-peer basis without intermediary oracles to set collateralization ratios.
Blend lets users access expensive blue-chip Non-Fungibleย Tokenย (NFTs) for a small down payment. Blur users can only use Blend on Non-Fungibleย Tokenย (NFT) collections, including Azuki, CryptoPunks, and Milady Maker. The platform recently added support for Bored Ape Yacht Club, Mutant Ape Yacht Club, and Otherdeed for Otherside Non-Fungibleย Tokenย (NFT) collections. Binanceย Cryptoย exchange Non-Fungibleย Tokenย (NFT) is anticipated to rival Blur in Non-Fungibleย Tokenย (NFT) lending market dominance.
