Binance NFT Supports Staked Ape NFTs As Collateral on NFT Loan

Binance NFT is pleased to announce that users will be able to use staked Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) NFTs in the Ape NFT Staking Program as collateral on NFT Loan, effective from 2023-06-21 13:00 (UTC). 

This introduces more flexibility for Binance NFT users, who can now stake their existing BAYC and MAYC NFT collateral on NFT Loan via the Ape NFT Staking Program to earn ApeCoin (APE) daily rewards, or gain access to higher liquidity by completing an NFT Loan with a staked BAYC NFT or MAYC NFT. 

For more information on NFT Loan, such as liquidation, interest rates, borrowing and repayment, please refer to the FAQ. Details on the Ape NFT Staking Program can also be found in this FAQ. 

Promotion: Get an Exclusive NFT from the Mocaverse or Block Legends NFT Collections After Completing NFT Loans

Promotion Period: 2023-06-21 13:00 (UTC) to 2023-07-04 23:59 (UTC) 

Snapshot Period: Daily

To celebrate the above update, Binance NFT is launching a new promotion for all NFT Loan users. A total of ten users who hold a daily average liability of at least 4 ETH in NFT Loan during the Promotion Period will be selected based on the Awards Selection Rules Based on BNB Beacon Chain Hash Valueto each receive a Mocaverse NFT or Block Legends NFT.

Please note that users can continue enjoying the 70% discount on borrowing interest rates at NFT Loan (i.e., 3.36%) until 2023-07-04 23:59 (UTC). From 2023-07-05 00:00 (UTC), all users can still enjoy a 20% discount on borrowing interest rates at NFT Loan (i.e., 8.96%) until further notice.

Stay tuned to Binance NFT’s Telegram, Twitter, Discord and Instagram for the latest updates on Binance NFT!

Terms & Conditions:

• Users have to complete identity verification in order to use Binance NFT Loan and participate in the Ape NFT Staking Program. Users who have not completed identity verification, illegally bulk registered account holders and users from restricted countries/regions are not allowed to use these services. For more, please refer to Binance Terms of Use, Binance NFT Marketplace Terms of Conditions, and the Binance NFT Staking Terms.

• APE daily rewards will be automatically distributed to users’ Spot wallets between 00:00 and 08:00 (UTC) on the third day after users submit their Ape NFT staking requests.

• APR is adjusted daily and the estimated rewards may differ from the actual rewards generated. The specific APR is subject to the page display on the day.

• NFT rewards from the Promotion will be automatically distributed to users’ accounts within two weeks after the Promotion ends. Users can find their NFTs via Binance NFT Marketplace > My NFTs > Collected.

• Binance reserves the right to disqualify any participants showing signs of fraudulent behavior immediately.

• Where any discrepancy arises between the translated versions and the original English version, the English version shall prevail.

Thanks for your support!

Binance Team

2023-06-21