Binance Stops Supporting Polygon NFTs
Binance NFT has announced it will discontinue support for The Sandbox (SAND) NFT staking program and Polygon network NFTs starting September 26, 2023.
Binance Ends Support for Polygon Network NFTs After 6 Months
Key Details:
- The Sandbox NFT Staking Program:
- From 13:00 (GMT+7) on September 26, 2023, users will no longer be able to stake LAND NFTs from the Polygon network on Binance NFT Marketplace for The Sandbox (SAND) rewards.
- All LAND NFTs currently staked will be automatically unstaked on September 27, 2023.
- SAND rewards and NFTs will be refunded to users' Binance accounts after 09:00 (GMT+7) on September 28, 2023.
- Polygon Network NFT Support:
- Users must withdraw Polygon network NFTs from Binance NFT Marketplace by 06:59 (GMT+7) on December 31, 2023.
- Buying, depositing, selling, or listing Polygon network NFTs will no longer be possible.
- All listed Polygon network NFTs will be automatically delisted after 13:00 (GMT+7) on September 26, 2023.
- Remaining Polygon network NFTs will be returned to users' accounts after 09:00 (GMT+7) on September 28, 2023.
Binance NFT Marketplace, similar to platforms like Rarible and OpenSea, allows users to buy and sell NFTs using cryptocurrencies like BNB, MATIC, and ETH.
Background:
- Polygon Network: Binance NFT began supporting Polygon on March 8, 2023, but is now withdrawing support after only six months.
- Market Trends: Despite the growth of NFT marketplaces and global brands adopting NFTs, the NFT market has faced significant challenges in 2023. The value of blue-chip NFT collections has plummeted, and regulatory actions, such as SEC fines and legal actions against industry figures, have impacted the market.
Binance has not disclosed the reasons for this decision, but similar moves have been made in the past based on trading volume and other factors.
