Source: Freepik

Binance Launches an NFT Loan Service

Binance NFT Marketplace has launched a new service allowing users to borrow Ether in exchange for their NFTs

With this launch, Binance will compete with the world-leading NFT trading platform, Blur

Blur launched Blend its own P2P lending protocol for NFTs on May 2

Since its launch, Blend has cornered 82% of the NFT loan market

Binance's NFT Loan service will offer flexibility to NFT holders, retaining long-term value without selling

 Currently, Binance will support Ethereum loans with NFT collateral from BAYC, MAYC, Azuki, and Doodles

According to blockchain data aggregator DappRadar, Blend has recorded over US$308 million in loan volume in the first 22 days after the launch

Binance aims to become a major player in the NFT loan sector, challenging Blur's dominance