Binance’s NFT marketplace introduces NFT-backed cryptocurrency borrowing, expanding into the lending sector. Users can now utilize NFTs as collateral to secure loans, marking Binance’s entry into the NFT lending space.
Binance expresses its intent to enhance and broaden its service offerings in the coming times, aiming to establish itself as a leading NFT loan provider. In this pursuit, Binance will face competition from Blur, the world’s largest NFT trading platform.
Blend commands an impressive 82% share in the NFT loans market, with over $308 million in loan volume recorded in the initial 22 days post-launch, as reported by DappRadar, a blockchain data aggregator.
Binance NFT marketplace enables borrowing of ether (ETH) by leveraging high-value NFTs like Bored Ape Yacht Club,…