Binance NFT is making a groundbreaking move today by introducing an innovative NFT Loan feature. This exciting addition enables users to leverage their NFTs as collateral to borrow cryptocurrencies. By partnering with renowned NFT projects, Binance NFT ensures users have access to competitive interest rates and eliminates gas fees, making liquidity readily available. Now, users can effortlessly unlock the value of their NFTs and borrow ETH without the need to part ways with their prized possessions.
Introducing an exciting new service, individuals now have the opportunity to utilize blue-chip NFTs to borrow cryptocurrencies, beginning with ETH. This groundbreaking development brings the advantages of decentralized finance (DeFi) to the Binance NFT community. Starting today, users can secure loans backed by esteemed NFT collections such as Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), Azuki, and Doodles, with additional collections anticipated to join in the near future.
NFT Trading and Financial Services in One Place
Catering to individuals who possess NFTs and require swift access to funds, this feature presents a convenient solution accompanied by competitive interest rates. Employing a ‘Peer to Pool’ methodology, Binance NFT assumes the role of the loan pool, thereby adding an extra layer of security. The borrowing capacity of ETH is contingent upon the floor price of the NFT collection. This floor price is determined through Binance’s Oracle Pricing, which aggregates data from various sources such as Chainlink and OpenSea.
Mayur Kamat, Binance’s Head of Product, said: “Binance NFT is buidling! We’ve added a host of features that make it a one-stop shop for NFT trading and financial services for our community. We already have low fees and the Binance peace of mind, now NFT Loans will add a new form of liquidity for NFT holders, allowing them to participate in the market without having to let go of their precious NFTs.”
Binance NFT, the authorized NFT marketplace by Binance, provides a secure platform where artists, creators, crypto enthusiasts, NFT collectors, and creative fans from around the globe can participate in an open market. With a user base exceeding 90 million users, Binance NFT grants easy access to a diverse range of valuable collectibles. Going beyond a comprehensive NFT experience, Binance NFT extends its offerings to include NFT staking and NFT loans, empowering users to maximize the value derived from their digital assets.