Cryptocurrency Exchange Binance Ends Support for Polygon Network on NFT Marketplace
Binanceโs NFT marketplace is discontinuing its support for the Polygon Network, according to an notice by Binance. Starting from September 26 at 6:00 UTC, users will no longer be able to buy or list Polygon NFTs on the platform, and any influenced listings will be canceled. Binance has advised users to withdraw their NFTs via the Polygon Network by December 31, 2024, at 23:59 UTC.
Additionally, Binance is likewise terminating its NFT staking program for The Sandbox. After September 26, users will no longer be able to stake LAND NFTs on Polygon to earn rewards. Binance stated that this decision wasย created as part of their efforts to streamline product offerings on the NFT marketplace.
Sandbox NFT Collection
The Sandbox NFT collection, the Second most traded Polygon NFT collection on Binanceโs marketplace, will be impacted by this change. The collection has a floor price of 899.15 MATIC ($494) and a total volumeย ofย trading of 20.2 Million MATIC ($11.1 million).
After removing support for Polygon, Binance NFT will continue toย facilitate 3 blockchains: BNB Chain, Ethereumย (ETH), and Bitcoin.
Hot Take:
Binanceโs decision to end support for the Polygon Network on its NFT marketplace reflects the companyโs strategy to focus on streamlining its product offerings. This move may impact users who are actively trading Polygon NFTs and takingย partย in the NFT staking program for The Sandbox. Nonetheless, Binance will continue toย facilitate 3 other major blockchains, ensuring a diverse range of NFT options for its users.
Theon Barrett shines as a distinguished crypto analyst, accomplished researcher, and skilled editor, making significant strides in the field of cryptocurrency. With an astute analytical approach, Theon brings clarity to intricate crypto landscapes, offering insights that resonate with a broad audience. His research prowess goes hand in hand with his editorial finesse, allowing him to distill complex information into accessible formats.
