The top crypto exchange Binance has recently announced that its NFT marketplace will provide support for staked NFTs. As mentioned in the announcement, the platform mentioned that the non-fungible tokens from the prominent NFT series will be supported by it. Mutant Ape Yacht Club (MAYC) and Bored Ape Yacht Club (BAYC) are the NFT series that would get support from the crypto exchange.
Binance NFT Backs Staked MAYC and BAYC NFT in the Form of Collateral on NFT Debt
On the official web portal of the popular crypto platform, it brought to the front that it will support the respective staked NFTs on NFT loans. The announcement was made on the 22nd of this month. The company also noted that the respective service was scheduled to be launched on the same day. The respective move is considered to be quite beneficial for NFT consumers.
With this development, Binance NFT users can get more flexibility. As a result of this, the consumers can stake their already present MAYC and BAYC NFTs in the form of collateral for NFT loans. The crypto exchange also disclosed that the respective service will be enabled through the Ape NFT Staking Program. By staking their non-fungible tokens with this project, the clients can earn regular rewards in ApeCoin (APE).
The Promotion’s Period Will End on the 4th of the Next Month
In addition to this, they can get access to more liquidity by accomplishing an NFT loan by using a staked MAYC or BAYC NFT. While moving on, the platform revealed that this service is being introduced to attract more and more users to Binance NFT. Keeping this in view, the company is offering this service on a promotional basis. Hence, the promotion will remain active between the 21st of June and the 4th of July this year.
