- Binance is releasing an NFT lending feature.
- The new feature plans to give NFTs more utility.
- Binance’s new feature directly rivals Blur’s NFT lending protocol Blend.
In the fiercely competitive landscape of NFT marketplaces this year, platforms like Blur have set the bar high, pushing other marketplaces such as OpenSea, Magic Eden, and LooksRare to compete for relevance. Now, Binance looks to intensify the race for dominance with its entry.
Throughout this year, Binance has been actively expanding its NFT offerings, experimenting with different initiatives, including generative AI. In a strategic move to establish its presence in this high-octane atmosphere, Binance has unveiled a feature that directly rivals the leading platforms in the space.
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More Utility
On May 25, Binance marked its entry into the NFT lending space by unveiling a new feature on its platform that allows users to secure loans using NFTs as collateral.
The new feature, called Binance NFT loan, aims to add utility to NFTs by allowing people to use their assets to borrow crypto. The feature comes shortly after NFT marketplace giant Blur launched its NFT Lending protocol called Blend…
