Leading cryptocurrency exchange Binance recently announced that it will be discontinuing support for non-fungible tokens (NFTs) as well as its Sandbox NFT Staking Program. The company stated that these changes are a result of their “consideration and evaluation” process and are part of their efforts to streamline their services. However, Binance did not provide any specific information on whether the decision was influenced by trading volumes or user demand.
Binance’s NFT marketplace was first introduced in April 2021 and allowed users to participate in the booming NFT industry. However, the support for NFTs based on the Polygon network, which was added on March 8, 2023, will come to an end on September 26. This means that users will no longer be able to purchase any Polygon-based NFTs on Binance after that date. Furthermore, all listings related to Polygon NFTs will be canceled on September 26.
Users who currently hold Polygon NFTs on Binance are advised to withdraw them by December 31, as the company will not support them after that date. The NFTs will be returned to the users’ accounts on September 28, providing them with ample time to take the necessary action.
In addition to ending support for Polygon-based NFTs, Binance is also discontinuing its Sandbox NFT Staking Program. This program allowed users to stake LAND tokens and earn SAND rewards by participating in The Sandbox, a popular Polygon-based metaverse game. The staking program will officially end on September 26, and Binance will automatically unstack users’ LAND NFTs on September 27.
The unstacked LAND NFTs will be sent back to users’ Binance accounts on September 28, along with the final staking rewards. This ensures that users are not left empty-handed and are able to retrieve their assets and rewards in a timely manner.
Despite the decision to discontinue support for Polygon-based NFTs and the Sandbox Staking Program, Binance’s NFT marketplace will continue to support three other networks: Ethereum, BNB Chain, and Bitcoin. The company even expanded its support by adding Bitcoin Ordinals in May, demonstrating its commitment to catering to a wide range of customers and their preferences.
It is worth noting that Binance has not made any indications about delisting Polygon’s MATIC token from its main exchange. MATIC is currently the 14th largest cryptocurrency by market capitalization, with a total supply worth $5.05 billion. Binance remains a significant platform for MATIC trading and plays a crucial role in its trading volume.
Overall, Binance’s decision to end support for certain NFT features and the Sandbox Staking Program reflects their ongoing efforts to evaluate and optimize their services. While these changes may disappoint some users who are invested in Polygon-based NFTs, Binance’s commitment to providing a diverse range of options through its NFT marketplace remains intact.
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