Binance NFT Ends Support For Polygon NFTs – Here's What You Need To Know

Binance NFT Ends Support For Polygon NFTs – Here’s What You Need To Know

Updated: 08 September 2023

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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.

Binance NFT Ends The Sandbox NFT Staking Program

In a September 08 blog post, Binance NFT confirmed making some notable changes to its NFT ecosystem. 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.

BREAKING: @binance TO REMOVE SUPPORT FOR @0xPolygon NFTS pic.twitter.com/p4itBiBac3

— DEGEN NEWS 🗞️ (@DegenerateNews) September 8, 2023

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.

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.

Binance NFT Ends Polygon-Based NFTs

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