Binance marketplace is launching a non-fungible token () loan feature where digital asset holders can secure loans by using their NFTs as collateral.
The new service, called Binance NFT Loan, "will allow people to use blue-chip NFTs to borrow crypto, starting with ETH, introducing the benefits of DeFi to the BINANCE NFT community," Binance said in a press release. According to the platform, the tool offers competitive interest rates, instant liquidity, zero gas fees and liquidity protection.
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The tool, launching on Friday, will initially support Ethereum loans only and NFTs from Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), Azuki and Doodles collections. The platform plans to roll out new options in the future.
Edited by Toby Leah Bochan.
