Binance’s Decision to Discontinue Support for NFT Products on the Polygon Network

Binance NFT

The multichain digital marketplace for non-fungible tokens from the crypto exchange Binance has announced plans to halt support for polygon-based NFTs effective late this year. Users have up to the end of this year to transfer their NFTs. Late this month, Binance NFT will discontinue Polygon-based NFT products, including The Sandbox NFT Staking Program. Binance made such a tough decision after careful consideration and evolution.

The Sandbox NFT Collection

The Sandbox NFT collection is the second most traded Polygon NFT collection on Binance’s NFT marketplace. It has a floor price of 899.15 MATIC ($494) and an all-time trading volume of 20.2 million MATIC ($11.1 million). After removing Polygon, Binance NFT will support three blockchains, including BNB Chain, Ethereum, and Bitcoin.

Launched in 2021, Binance NFT

Is an NFT Marketplace providing users with the opportunity to create (mint), sell, purchase, bid on, collect, trade, and showcase and otherwise transact digital blockchain collectibles, which may be represented as a non-fungible token linked with certain digital media and art.

Binance NFT launched the Sandbox NFT Staking Program in April this year. The program allowed users to stake their $SAND tokens and earn exclusive NFT rewards. This staking program aimed to incentivize user participation in the NFT ecosystem and promote The Sandbox platform’s growth.

Under the recent ecosystem changes, Binance NFT will block users from staking LAND NFTs hosted on the Polygon Network on Binance NFT Marketplace. Previously, Binance NFT allowed users to earn daily The Sandbox (SAND) rewards.

LAND NFTs on Binance NFT Marketplace

According to the announcement, all LAND NFTs currently staked on Binance NFT Marketplace will be automatically unstaked on September 27 and returned to users’ Binance accounts after September 28. The last daily SAND rewards will also be automatically distributed to users’ Spot wallets after September 28.

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 digital assets from the Polygon Network on the Binance NFT Marketplace. Binance NFT has promised to share more information regarding its ecosystem changes later.