The worldโs largest cryptocurrency exchange by volumeย ofย trading, Binanceย Cryptoย exchange, has released a new non-fungible cryptoย token (NFT) loan feature.
Reportsย by a new Binanceย Cryptoย exchange notice, the platform will offer zero gas charges and theย potential to borrow Ethereumย (ETH) without the must sell assets.
The loan feature aims to cater to those who want quick access to funds but doย not want to part with their Non-Fungibleย Tokenย (NFTs). It uses what Binanceย Cryptoย exchange calls a โPeer to Poolโ mechanism with Binanceย Cryptoย exchange Non-Fungibleย Tokenย (NFT) acting as a loan pool, and the amount of Ethereumย (ETH) that users can borrow depends on the floor price of their Non-Fungibleย Tokenย (NFTs). Data for the system comes from numerous sources, including oracle service Chainlink (LINK) and Non-Fungibleย Tokenย (NFT) marketplace OpenSea.
Atย theย momentย ofย writing, Binanceโs Non-Fungibleย Tokenย (NFT) Loan feature supports just four trending collections, but more are expected to roll out soon.
Reveals Binance,
โ Atย theย beginning available with select high-profile Non-Fungibleย Tokenย (NFT) projects such as Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), Azuki, and Doodles, the innovative feature introduces the advantages of decentralizedย financeย (DeFi) to the Binanceย Cryptoย exchange Non-Fungibleย Tokenย (NFT) community. More collections are expected to be added in the near future.โ
Binanceย Cryptoย exchange launched its platformย ofย Non-Fungibleย Tokenย (NFT) in June of 2021 and has steadily been adding features sinceย then. In March, the cryptocurrency exchange launched a beta version of an artificial intelligence-based Non-Fungibleย Tokenย (NFT) image generator wasย known โBicasso.โ
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