September 11, 2023

Binance NFT Marketplace Stops Supporting Polygon Network

Binance NFT Marketplace

Binance NFT Marketplace

Binance, a leading cryptocurrency exchange, has announced that it will no longer support Polygon Network on its NFT platform.

As a result, users are advised to withdraw their Polygon NFTs from the Binance NFT Marketplace before the end of the year. Effective September 26, Binance’s NFT marketplace will stop supporting Polygon NFTs. This means that users can no longer purchase or list Polygon NFTs on Binance’s platform.

According to a statement from Binance, any affected listings will be canceled. Users with Polygon NFTs on the Binance NFT Marketplace should withdraw them via the Polygon Network before December 31, 2024. Binance is also discontinuing its NFT staking program for The Sandbox, which means users won’t be able to stake LAND NFTs on Polygon to earn rewards after September 26.

Binance stated that this decision was made after conducting a thorough assessment and is part of their efforts to simplify their product offerings on Binance NFT Marketplace. The Sandbox NFT collection is one of the most popular NFT collections on Binance’s marketplace. It currently has a minimum price of 899.15 MATIC (equivalent to $494) and a total trading volume of 20.2 million MATIC (approximately $11.1 million).

Following the discontinuation of Polygon support, Binance NFT will continue to support three blockchains: BNB Chain, Ethereum, and Bitcoin.

The recent changes made by Binance NFT Marketplace received a mixed reaction from the crypto community. While most users on X (formerly Twitter) seemed unfazed by the changes, a few were against the decision to withdraw support for Polygon Network. According to CoinMarketCap, the announcement caused a decrease of over 4% in the value of Polygon’s native token, MATIC.

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