Binance NFT Marketplace Ends Support for Polygon

Binance discontinues support for Polygon on its NFT marketplace, citing efforts to streamline product offerings. Users must withdraw NFTs by year-end.

Sep 9, 2023 - 14:17
Sep 9, 2023 - 14:31
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Binance NFT Marketplace Ends Support for Polygon
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Binance, in a recent blog post, communicated its intent to discontinue support for Polygon on its NFT marketplace. This decision, slated to take effect from 6 am UTC, September 26, means users will no longer be able to buy, list, or stake LAND NFTs hosted on Polygon to earn daily The Sandbox (SAND) rewards. Binance emphasized that this move is a part of their "ongoing efforts to streamline product offerings on Binance NFT Marketplace."

The announcement came shortly after Binance CEO, Changpeng Zhao, addressed "rumors" on Twitter regarding executives leaving the company and the potential winding down of certain projects. While refuting these claims, Zhao did mention Binance's approach towards the "smooth sunsetting of old products." 

Polygon, recognized for its blockchain, is behind the 14th largest cryptocurrency by market cap. Recently, MATIC experienced a 2.4% drop in value, trading at $0.54. Despite a surge in its value a month prior, attributed to news of tokenized Coinbase stocks joining the network via Backed Finance, MATIC has seen a 21% decline from those highs.

Polygon's network is designed as a scaling solution to address some of Ethereum's challenges. It offers developers the flexibility to create decentralized finance (DeFi) apps or NFTs with enhanced speed. Notably, Reddit chose Polygon for launching its NFT collections. According to data, Polygon ranks as the fifth most significant blockchain for NFTs, boasting a 24-hour trading volume of $831,880.

Furthermore, as part of the announcement, Binance has decided to remove support for the Polygon network moving forward. In that context, NFT holders are advised to withdraw their NFTs from the Binance NFT staking marketplace before the end of this year.

From the end of this month, crypto users will not be able to buy, deposit, offer, or list NFTs from the Polygon Network on the Binance NFT Marketplace. Binance NFT has promised to share more information regarding its ecosystem changes later.

Philip Bohmer Philip is a seasoned journalist that brings clarity to the complex world of cryptocurrencies through his articulate and insightful articles. His passion for blockchain technology fuels his writing, making him a trusted voice in the rapidly evolving digital currency landscape.