Binance NFT Supports Staked Ape NFTs As Collateral on NFT Loan
This is a general announcement. Products and services referred to here may not be available in your region.
Fellow Binancians,
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 Value to 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
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Binance reserves the right in its sole discretion to amend or cancel this announcement at any time and for any reasons without prior notice.
Disclaimer: NFTs are subject to high market risk. Obtaining an NFT Loan is completely optional and you do so at your risk, including the risk of liquidation when the value of your NFT collateral drops significantly. You are solely responsible for your participation in this offering and Binance is not liable for any losses you may incur. Always do your own research and seek independent professional advice to determine if this product is suitable for you. For further details, see our NFT Terms and Conditions and general Binance Terms of Use and Risk Warning.