Binance Ends Support for Sandbox NFT Staking and Will End Support for All Polygon NFTs Soon
Date: 2023-09-09 Author: Karina Ziganova Categories: BLOCKCHAIN, CRYPTO PAYMENTS
On September 9, Binance announced that it would stop supporting features related to non-fungible tokens (NFTs) on August 9 and for all Polygon-based NFTs on September 26.
The company has asked users to withdraw NFT Polygon by December 31st. According to it, users will not be able to purchase Polygon NFTs on September 26th and all listings will be canceled on that day. According to him, after September 28, Polygon NFTs will be returned to user accounts.
Binance also announced that it would discontinue its Sandbox NFT staking program, which previously allowed customers to stake LAND tokens and earn SANDS rewards in connection with polygon's well-known metaverse, The Sundalk.
This staking program is scheduled to end on September 26th, Binance will automatically unlock LAND NFT users on September 27th. These tokens will be returned to Binance users' balances on September 28th, with final staking payouts taking place on the same day.
Binance said the reduction in its services was the result of a "review and evaluation" of its attempts to "optimize" its services. He did not express his position as to whether the number of trades or user demand influenced his decision to refuse the services provided.
In April 2021, Binance introduced its NFT marketplace. Most recently, on March 8, 2023, it added support for Polygon-based NFTs, and in just over a month, on April 28, 2023, it introduced its sandbox staking program. As a result, each feature was short-lived and available to customers for six months or less.
Binance NFT currently supports three other networks: Ethereum, BNV Chain and bitcoins. In May, the company added support for Bitcoin Ordinals.
Polygon (MATIC) will remain on Binance
No indication that Binance intends to delist the MATIC Polygon token from its main exchange. Binance is the largest exchange for MATIC trading, having processed at least $181 million of the $24 million of MATIC's $8 million trading volume as of September 7th.
Today, MATIC is the 14th largest cryptocurrency by market capitalization with a total supply of $5.05 billion. Over 24 hours, its decline was 1.7%, while the cryptocurrency market decreased by 0.3%.
