Binance NFT market launches "NFT collateral lending" feature

ChainCatcher news, Binance NFT market has launched a new feature "NFT Collateralized Lending," allowing users to collateralize NFTs to borrow Ethereum (ETH). Currently, the NFTs supported for collateral are mostly "blue-chip" NFTs, such as Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), Azuki, and Doodles. More cryptocurrencies and NFTs will be supported in the near future.

According to the Binance NFT official website, the current interest rate for NFT loans is 7.91%, with a loan-to-value ratio between 40% and 60%. (Source link)