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Binance launches NFT loan service to rival Blend

Binance Marketplace, Binance’s NFT trading platform, is launching a new service Friday where users can loan Ether by using NFTs as collateral.

By Danny Park

From the Forkast crypto archive

ATLANTA, GEORGIA – NOVEMBER 09: In this photo illustration, the Binance website is seen on a computer on November 09, 2022 in Atlanta, Georgia. Binance, the world’s largest cryptocurrency firm, agreed to acquire FTX, another large cryptocurrency exchange, in a rushed sale in order to prevent a liquidity crisis, which is known as the "Lehman Moment" in the crypto industry. (Photo Illustration by Michael M. Santiago/Getty Images)

Binance Marketplace, cryptocurrency exchange Binance’s non-fungible token (NFT) trading platform, is launching a new service Friday where users can borrow Ether by using their NFTs as collateral. It will compete with Blend — the trading protocol from world leading NFT trading platform Blur — which has cornered 82% of the NFT loans market since it launched on May 2.

See related article: Elon Musk’s NFT rocket launch. What has he done to Milady?

Fast facts

  • “Users can enjoy greater flexibility on their NFT assets, and retain the potential long-term value of their NFTs without having to sell them,” Binance said in its announcement of its Binance NFT Loan service.
  • Upon launch, the service will support Ethereum loans only. It will also only support NFT collateral options from collections Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), Azuki, and Doodles.
  • Binance says that it is looking to expand those service options in the future.
  • To become the top NFT loan service in the sector, Binance will compete with the world’s largest NFT trading platform Blur.
  • Blur launched Blend — its own peer-to-peer lending protocol for NFTs — on May 2.
  • Blend dominates 82% of the entire NFT loans market. It recorded over US$308 million in loan volume in the first 22 days after launch, according to blockchain data aggregator DappRadar.
  • “The continuous nature of Blend’s loans has proven attractive to traders seeking additional leverage,” Brendan Humphries, head of business at peer-to-protocol NFT lending platform Pine Protocol, told Forkast via email.
  • “Products like Blend contribute to the continued maturation of the NFT market, increase market efficiency, and make the space more attractive to new entrants seeking sophisticated products and tools,” Humphries added.

See related article: Ethereum had over US$635 mln in NFT wash trades in April, CryptoSlam reveals