• Binance is launching a new NFT loan feature to enable users to borrow cryptocurrency with their non-fungible tokens as collateral.
• The loans will be available with select high-profile NFT projects such as Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), Azuki, and Doodles.
• It is designed to allow users to participate in the market without having to let go of their precious NFTs.
Binance Launches New Loan Feature
Binance, the world’s leading cryptocurrency exchange, announced the launch of a new Non-Fungible Token (NFT) loan feature. The new feature allows users to borrow crypto while using their select NFTs as collateral on Binance.
What Is an NFT?
A non-fungible token (NFT) is a special type of digital asset which represents something unique and not interchangeable. It can represent digital art, collectibles, game items, real estate or any other asset that holds value. They are stored and exchanged on blockchain networks like Ethereum or Binance Smart Chain.
How Does the Loan Feature Work?
The loan feature enables users to borrow cryptocurrency while using their select NFTs as collateral on Binance. The loans will be available with high-profile NFT projects such as Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), Azuki, and Doodles and more collections are expected to be added in the future. This allows users to participate in the market without having to let go of their precious NFTs.
What Does Mayur Kamat Say?
Mayur Kamat from Binance said: “We’ve added a host of features that make it a one-stop shop for NFT trading and financial services for our community…Now [with] 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.”
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