Binance Officially Enters NFT Lending Sector Via Ether Loans
Binance has finally made its entry into the NFT lending space by introducing a new feature on its NFT marketplace. Users can now borrow cryptocurrencies by using NFTs as collateral.
Initially, the feature supports borrowing ETH against blue-chip NFTs such as Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), Azuki, and Doodles. The current interest rate for NFT loans stands at 7.91% per annum, and the loan-to-value ratio ranges from 40% to 60%. Notably, there are no gas fees or Ethereum transaction charges associated with these loans.
Binance launched its NFT marketplace in June 2021 and plans to add support for Ordinals (Bitcoin NFTs) in addition to the existing blockchain systems of Ethereum, Polygon, and BNB Chain.
This move follows the recent introduction of Blend, an NFT lending protocol by the NFT marketplace giant, Blur. Blend allows lenders to determine their own interest rates and loan-to-value ratios, showcasing its rapid growth and potential to revolutionize the lending landscape.
In other news, Binance also recently gained its first Southeast Asian license from Thailand as the team gets ready to launch a new Thai crypto exchange in late 2023.
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