Binance NFT Marketplace Ends Support For Polygon Network

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Binance NFT Marketplace Ends Support For Polygon Network
  • Binance has announced that its NFT marketplace will end support for Polygon Network. 
  • The NFT marketplace will also be discontinuing the Sandbox NFT Staking Program. 
  • The latest changes are part of the crypto giant’s efforts to streamline product offerings.

The NFT marketplace of the world’s largest crypto exchange in the world has announced that it will discontinue The Sandbox NFT Staking Program later this month. Furthermore, the Binance NFT marketplace will also be ending support for Polygon Network from September 26 onwards. The latest changes were described as efforts to streamline the product offerings on the NFT marketplace. 

According to a recent blog post on Binance’s official website, after much consideration and evaluation, the crypto giant decided to withdraw support for the staking of LAND NFTs hosted on the Polygon Network. Users on Binance NFT Marketplace stake these NFTs in order to earn The Sandbox (SAND) rewards on a daily basis. 

All LAND NFTs staked on Binance NFT Marketplace will reportedly be unstaked on September 27 and returned to users’ Binance accounts accordingly the following day. Additionally, Binance NFT has advised users to withdraw their NFTs via the Polygon Network from Binance NFT Marketplace since the latter will be ending support for Polygon Network. 

Given the changes occurring on September 26, Binance warned its users that they may not be able to buy, deposit, offer, or list NFTs from the Polygon Network on Binance NFT Marketplace. Further details surrounding the latest developments will be provided later to users who will be directly impacted by the changes. 

The reaction of the crypto community to Binance NFT Marketplace’s latest changes was mixed. Users on X (formerly Twitter) appeared to be largely unbothered by the changes, with a few opposing the withdrawal of support for Polygon Network. Data from CoinMarketCap shows that Polygon’s native token MATIC lost more than 4% of its value following Binance’s announcement on September 8, 2023.