Cryptocurrency Exchange Binance Ends Support for Polygon on NFT Marketplace
Cryptocurrency exchange Binance has announced that it will no longer support Polygon on its NFT marketplace. The decision is part of Binance’s efforts to streamline its product offerings on the marketplace. Binance CEO Changepeng Zhao recently denied rumors of executives leaving the company or any winding down of projects, but acknowledged the “smooth sunsetting of old products.”
Starting from 6am UTC on September 26, users will be unable to buy or list Polygon NFTs on the Binance marketplace. They will likewise not be able to stake LAND NFTs hosted on Polygon to earn daily rewards. Binance advises users to withdraw their NFTs by the end of the year.
Binance’s decision to end support for Polygon on its NFT marketplace is aimed at streamlining its product offerings. This move may impact Polygon’s prominence in the NFT space, as Binance is one of the largest cryptocurrency exchanges universally. Nonetheless, Polygon remains a whole lot of blockchain solution, particularly for projects like Reddit’s NFT collections. The dip in the price of MATIC, Polygon’s native digital currency, reflects the market’s reaction to this news. It remains to be seen how this decision will affect the future growth and adoption of Polygon in the NFT ecosystem.
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