Binance NFT to Stop Supporting Polygon-Based NFTs
Binance NFT, the digital marketplace for non-fungible tokens (NFTs) from crypto exchange Binance, has announced that it will no longer support polygon-based NFTs starting from late this year. Users have until the end of the year to transfer their NFTs to another platform.
Binance NFT Ends The Sandbox NFT Staking Program
Binance NFT has made some significant changes to its NFT ecosystem. The Sandbox NFT Staking Program, which allows users to stake their $SAND tokens and earn exclusive NFT rewards, will be discontinued at the end of this month. Binance made this decision after careful consideration and evolution.
Launched in 2021, Binance NFT is a marketplace that allows users to create, sell, purchase, and trade digital blockchain collectibles in the form of NFTs. Previously, Binance NFT allowed users to stake LAND NFTs hosted on the Polygon Network to earn daily The Sandbox (SAND) rewards. However, these features will no longer be supported.
Binance NFT Ends Support for Polygon-Based NFTs
In addition to discontinuing The Sandbox NFT Staking Program, Binance has also decided to remove support for the polygon network in the future. As a result, users are advised to withdraw their polygon-based NFTs from the Binance NFT marketplace before the end of the year.
Starting from the end of this month, users will no longer be able to buy, deposit, offer, or list NFTs from the Polygon Network on the Binance NFT Marketplace. Binance NFT will provide more information about these ecosystem changes in the future.
Hot Take:
Binance NFT’s decision to halt support for polygon-based NFTs reflects the evolving nature of the NFT market. As new technologies and platforms emerge, it is important for marketplaces to adapt and focus on the most relevant networks. Users who hold polygon-based NFTs should take action to ensure the safe transfer of their assets before the end of the year. This move by Binance NFT may signify a shift towards other blockchain networks that offer more benefits and opportunities for NFT creators and collectors.
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