Binance NFT, the leading global cryptocurrency exchange and blockchain platform, recently announced that it will support Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) NFTs as collateral on NFT Loans.
This feature, which was implemented on June 21, 2023, offers additional flexibility for users of the platform.
Users of Binance NFT can now stake their existing BAYC and MAYC NFT collateral on NFT Loan through the Ape NFT Staking Program, earning daily ApeCoin (APE) rewards. This initiative also allows users to increase their liquidity by completing an NFT Loan with a staked BAYC NFT or MAYC NFT.
In addition, Binance NFT is launching a promotion to celebrate this update. During the promotion period from June 21 to July 4, 2023, ten users with a daily average liability of at least 4 ETH in NFT Loan will receive a Mocaverse NFT or Block Legends NFT based on the Awards Selection Rules Based on BNB Beacon Chain Hash Value.
Binance NFT is also offering a 70% discount on NFT Loan borrowing interest rates, reducing the rate to 3.36% until July 4, 2023. Starting from July 5, 2023, users can still enjoy a 20% discount, with a rate of 8.96%.
This latest offering from Binance NFT demonstrates their commitment to innovative financial solutions, connecting the worlds of NFTs and decentralized finance to provide increased liquidity and earning potential in the NFT market.
Compiled by Coinbold