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Binance discontinues its NFT marketplace support for Polygon Network and The Sandbox staking, emphasizing its shift towards proprietary offerings.
Binance’s NFT marketplace will no longer support the Polygon Network to make allowance for its own product offerings. As posted on Benzinga, users cannot buy, deposit, trade, or list Polygon non-fungible tokens on Binance’s marketplace starting Sept. 26.
For this, Binance advised users to withdraw their digital assets via the Polygon Network from the Binance NFT Marketplace as soon as possible. The company said NFTs should be removed by Dec. 31, 2024.
The crypto exchange founded by Changpeng Zhao only launched support for Polygon in March this year. After the termination of Polygon support is completed, Binance NFT will open support for three blockchains: Bitcoin, BNB Chain, and Ethereum.
With this detail, it is apparent that Binance made this decision to make way for new offerings. It may also be looking to enhance its existing services within its own NFT ecosystem to satisfy users even more.
Aside from Polygon NFTs, the company is also discontinuing the support for The Sandbox NFT Staking Program. This means users will no longer be able to stake their LAND NFTs to gain daily rewards in SAND, The Sandbox’s native cryptocurrency.
According to Coin Edition, all the LAND non-fungible tokens that are currently staked on Binance NFT Marketplace are automatically unstaked starting Sep. 27. The digital assets will be put back into user accounts only after Sep. 28.
In its announcement, the company stated, “Binance NFT will discontinue The Sandbox NFT Staking Program at 2023-09-26 06:00 (UTC). The last daily SAND rewards will also be automatically distributed to users’ Spot wallets after 2023-09-28 02:00 (UTC).”
Finally, Binance said that the decision to stop support for Polygon NFTs and The Sandbox Staking “was made after careful consideration and evaluation, and it is part of our ongoing efforts to streamline product offerings on Binance NFT Marketplace.”
Photo by: Vadim Artyukhin/Unsplash
