Binance NFT has introduced a loan feature which gives users the ability to borrow crypto using NFTs as collateral. BAYC, MAYC, Azuki, and Doodles are some of the blue-chip NFTs that can be used as security.
The interest rate is set at 7.91% p.a. and loan to value ratio is from 40%-60%. This feature eliminates the need for any Ethereum transaction fees or gas fees.
Binance NFT has also added support for Ordinals or Bitcoin NFTs.
This feature follows the launch of Blend by Blur, an NFT lending protocol which gives lenders the option to set their own interest rates and loan-to-value ratios.
Through this feature, Blend has established a market-driven approach which has revolutionized the lending landscape.
