Binance's NFT marketplace has entered the NFT lending space by introducing a new feature that allows users to borrow cryptocurrencies using NFTs as collateral. The feature currently supports ether borrowing against "blue-chip" NFTs, with more cryptocurrencies and NFTs to be added in the future. This feature provides liquidity for NFT holders without having to sell their NFTs in case of urgent need of money. The current interest rate on NFT loans is 7.91% p.a. and loan to value ratio ranges from 40% to 60%. Binance's NFT loan feature comes shortly after Blur's NFT lending protocol called Blend launched earlier this month.
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Binance NFT marketplace introduces borrowing feature using NFTs as collateral
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