Binance's NFT marketplace has introduced a new feature that enables users to borrow cryptocurrencies using NFTs as collateral. The feature currently supports ETH borrowing against “blue-chip” NFTs, such as Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), Azuki, and Doodles.
The current interest rate on NFT loans is 7.91% p.a. and loan to value ratio ranges from 40% to 60%, according to the Binance NFT website. There won't be a gas fee or Ethereum transaction fee charge.
Earlier this month, Binance NFT Marketplace announced it will soon support Bitcoin Ordinals, also known as Bitcoin NFTs. Binance will allow users to purchase and trade Bitcoin NFTs directly from a Binance account, without the need for a separate Ordinals wallet. In addition, Binance will offer royalty support to Bitcoin NFT creators.
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