In a move that will significantly impact the NFT marketplace, Binance has announced it will stop selling and listing NFTs on the Polygon blockchain as of September 26, 2023. Binance NFT users who own Polygon-based NFTs will have until the end of this year to withdraw their digital collectibles to safeguard them.
Additionally, Binance’s staking program for Sandbox NFTs on Polygon will end on the same date. This means users will no longer be able to stake LAND NFTs on Polygon to earn daily rewards in SAND tokens. Any LAND NFTs currently staked will be automatically unstaked on September 27 and returned to users’ Binance accounts on September 28, along with a final distribution of staking rewards. This seems to be an attempt by Binance to smooth things over with disgruntled Sandbox users.
The timing of Binance’s announcement coincides with the company’s CEO, Changpeng Zhao, working to dispel rumors circulating about the exchange on social media. He maintains that Binance remains financially strong despite whispers of issues like bank runs, lawsuits, and fiat channel closures.
Polygon and its MATIC token have become integral to the NFT landscape as a scaling solution addressing Ethereum’s challenges. Major NFT collections like Reddit, DeGods, y00ts, and DraftKings utilize Polygon. This abrupt shift by Binance demonstrates the importance for NFT collectors and investors to stay informed on market news and make careful decisions in the fast-evolving crypto/NFT ecosystem. Users impacted would be prudent to withdraw their Polygon NFTs from Binance sooner rather than later.
#Binance #PolygonNFTs #NFTs #Polygon #Cryptocurrency #Blockchain
