Binance Unveils Revolutionary NFT Loan Program – Borrow Your Way to the Future!

Binance Unveils Revolutionary NFT Loan Program - Borrow Your Way to the Future!

Binance introduces a new non-fungible token (NFT) loan feature with zero gas fees and the ability to borrow Ethereum without selling assets, catering to those who want quick access to funds but don’t want to part with their NFTs.

The world’s largest cryptocurrency exchange by volume of trading, Binance Crypto exchange, has released a new non-fungible crypto token (NFT) loan feature.

Reports by a new Binance Crypto exchange notice, the platform will offer zero gas charges and the  potential to borrow Ethereum (ETH) without the must sell assets.

The loan feature aims to cater to those who want quick access to funds but do not want to part with their Non-Fungible Token (NFTs). It uses what Binance Crypto exchange calls a “Peer to Pool” mechanism with Binance Crypto exchange Non-Fungible Token (NFT) acting as a loan pool, and the amount of Ethereum (ETH) that users can borrow depends on the floor price of their Non-Fungible Token (NFTs). Data for the system comes from numerous sources, including oracle service Chainlink (LINK) and Non-Fungible Token (NFT) marketplace OpenSea.

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At the moment of writing, Binance’s Non-Fungible Token (NFT) Loan feature supports just four trending collections, but more are expected to roll out soon.

Reveals Binance,

“ At the beginning available with select high-profile Non-Fungible Token (NFT) projects such as Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), Azuki, and Doodles, the innovative feature introduces the advantages of decentralized finance (DeFi) to the Binance Crypto exchange Non-Fungible Token (NFT) community. More collections are expected to be added in the near future.”

Binance Crypto exchange launched its platform of  Non-Fungible Token (NFT) in June of 2021 and has steadily been adding features since then. In March, the cryptocurrency exchange launched a beta version of an artificial intelligence-based Non-Fungible Token (NFT) image generator was known “Bicasso.”

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Featured Image: Shutterstock/Juan Manuel Rodriguez/WindAwake


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