Crypto Exchange Binance Ends Support for Polygon Network on NFT Marketplace
Binance’s NFT marketplace is discontinuing its support for the Polygon Network, according to an announcement 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 affected listings will be canceled. Binance has advised users to withdraw their NFTs via the Polygon Network by December 31, 2024, at 23:59 UTC.
In addition, Binance is also 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 was made 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 Binance’s marketplace, will be impacted by this change. The collection has a floor price of 899.15 MATIC ($494) and a total trading volume of 20.2 million MATIC ($11.1 million).
After removing support for Polygon, Binance NFT will continue to support three blockchains: BNB Chain, Ethereum, and Bitcoin.
Hot Take:
Binance’s decision to end support for the Polygon Network on its NFT marketplace reflects the company’s strategy to focus on streamlining its product offerings. This move may impact users who are actively trading Polygon NFTs and participating in the NFT staking program for The Sandbox. However, Binance will continue to support three other major blockchains, ensuring a diverse range of NFT options for its users.
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