Binance Announces Removal of Polygon NFT Support

Binance Announces Removal of Polygon NFT Support


Cryptocurrency 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 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.

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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 was 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 Binance’s marketplace, will be impacted by this change. The collection has a floor price of 899.15 MATIC ($494) and a total volume of trading of 20.2 Million MATIC ($11.1 million).

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After removing support for Polygon, Binance NFT will continue to facilitate 3 blockchains: BNB Chain, Ethereum (ETH), 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 taking part  in the NFT staking program for The Sandbox. Nonetheless, Binance will continue to facilitate 3 other major blockchains, ensuring a diverse range of NFT options for its users.

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