Binance enters NFT lending space, starting with ETH loans

Quick Take

  • Binance has launched NFT loans feature on its NFT marketplace.
  • The feature currently supports ETH borrowing against “blue-chip” NFTs, such as BAYC, MAYC and Azuki. 

Binance's NFT marketplace has introduced a new feature that enables users to borrow cryptocurrencies using NFTs as collateral, marking its entrance into the NFT lending space.

The Binance NFT marketplace currently supports ether (ETH) borrowing against "blue-chip" NFTs, such as Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), Azuki and Doodles, according to an announcement Thursday.

The current interest rate on NFT loans is 7.91% p.a. and loan to value ratio ranges from 40% to 60%, according to the Binance NFT website. There won't be a gas fee or Ethereum transaction fee charge.


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Binance introduced its NFT marketplace in April 2021 and launched it in June of that year. Earlier this month, Binance NFT said it will add support for Ordinals, or Bitcoin NFTs, adding to current blockchains Ethereum, Polygon and its native BNB Chain.

The Binance NFT loan feature comes shortly after NFT marketplace giant Blur launched its NFT lending protocol called Blend earlier this month. Blend allows lenders to set their own interest rates and loan-to-value ratios, as The Block Research's analyst Brad Kay reported recently. "Blend's meteoric rise in the NFT lending market is undeniable. As it continues to break new ground, the protocol is proving that a market-driven approach can successfully revolutionize the lending landscape," according to Kay.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.