Binance Marketplace, Binance’s cryptocurrency platform for trading non-volatile tokens (NFTs), is launching a new service Friday that will allow users to borrow Ether using their NFTs as collateral. It will compete with Blend, a trading protocol from the world’s leading NFT trading platform Blur, which has captured 82% of the NFT loan market since its launch on May 2.

Users can enjoy more flexibility in their NFT assets and retain the potential long-term value of their NFTs without having to sell them

Once launched, the service will only support loans in Ethereum. It will also only support pledge options for NFTs from Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), Azuki and Doodles collections.

Binance says it plans to expand these service features in the future.

To become the best loan service in the NFT sector, Binance will compete with the world’s largest NFT trading platform Blur.

Blur launched Blend, its own peer-to-peer lending protocol for NFT, on May 2.

Blend dominates 82% of the entire NFT loan market. According to blockchain data aggregator DappRadar, loans totaled more than $308 million in the first 22 days after launch.