The Marketplace Binance breaks new ground in the NFT space by launching a non-fungible token lending feature. This new service, named very simply Binance NFT Loanoffers digital asset owners the opportunity to secure Ethereum (ETH) loans using their NFTs as collateral.
We are excited to announce our latest product, the Binance NFT Loan.
Get instant liquidity with your selected blue-chip NFTs.
Instant Borrowing
Zero Gas Fees
Clearance ProtectionCompetitive Interest Rate
Read the blog for more details:
— Binance NFT (@TheBinanceNFT) May 25, 2023
Competitive Interest RateNFT Lending: Connecting DeFi to the NFT Community
In a press release, Binance pointed out that its new NFT lending feature “introduces the benefits of DeFi to the Binance NFT community. The platform’s goal is to foster fuller inclusion in the ecosystem of decentralized finance (Challenge). The service offers competitive interest rates, instant liquidity and the elimination of gas. In addition, the platform guarantees liquidity protection for users.
Launch details: Initial support for Ethereum loans and specific NFT collections
Scheduled for this Friday, the service of NFT loan will initially only support loans in Ethereum. It will accept NFTs from selected collections including Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), Azuki And doodles. According to Binance, the platform plans to diversify and expand the options in the future, thus supporting the versatility and fluidity of the marketplace.
New Liquidity Pathways for Holders: Binance’s Vision
Mayur Kamatthe product manager at Binance, sees the launch of this new feature as a significant milestone for the platform and its users. According to him, the functionality of NFT loan opens up new avenues of liquidity for holders, allowing them to actively participate in the market without having to give up their precious NFT’s.
We have added a series of features that make Binance a unique platform for NFT trading and financial services for our community.
This new service represents an innovative expansion of the NFT ecosystem, merging the fields of digital art, technology blockchain and financial services by an industry giant.
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