Investing.com - Financial Markets Worldwide
🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Binance NFT Marketplace Ends Support For Polygon Network

Published 09/09/2023, 14:23
Updated 09/09/2023, 14:45
Binance NFT Marketplace Ends Support For Polygon Network
MATIC/USD
-

  • 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.

The post Binance NFT Marketplace Ends Support For Polygon Network appeared first on Coin Edition.

Read more on Coin Edition

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2024 - Fusion Media Limited. All Rights Reserved.