Leading cryptocurrency exchange Binance recently announced its decision to discontinue support for non-fungible tokens (NFTs) starting on September 9th. Furthermore, support for all Polygon-based NFTs will cease on September 26th. Users have been advised to withdraw their Polygon NFTs by December 31st. After September 26th, users will no longer be able to purchase Polygon NFTs, and all existing listings will be canceled on that day. However, Binance has assured users that their Polygon NFTs will be returned to their accounts starting from September 28th.
Discontinuation of Sandbox NFT Staking Program
In addition to ending support for NFTs, Binance has also decided to discontinue its Sandbox NFT Staking Program. This program previously allowed users to stake LAND tokens and earn SAND rewards in connection with The Sandbox, a popular metaverse game based on the Polygon network. The staking program will officially end on September 26th, and Binance will automatically unstack users’ LAND NFTs on September 27th. These tokens will then be sent back to users’ Binance accounts by September 28th, along with the distribution of final staking rewards.
Binance cited “consideration and evaluation” as the primary reasons for these service reductions. The exchange stated that streamlining its services was part of its broader strategy. However, it did not provide any specific details on whether trading volumes or user demand factored into its decision.
Timeline of Features
Binance launched its NFT marketplace in April 2021, offering support for Ethereum, BNB Chain, and Bitcoin. However, the support for Polygon-based NFTs was added more recently on March 8, 2023, followed by the introduction of the Sandbox staking program on April 28, 2023. These features had a relatively short lifespan, being available to customers for six months or less.
Despite the discontinuation of NFT support, Binance has not indicated any intention to delist Polygon’s MATIC token from its main exchange. Binance is a significant exchange for MATIC trading and has handled a substantial portion of its trading volume. In recent figures, Binance processed at least $37 million of MATIC’s $181 million trading volume within a 24-hour period on September 8th. MATIC holds the 14th position in terms of market capitalization, with a total supply value of $5.05 billion. The token experienced a decline of 1.7% over a 24-hour period, while the overall cryptocurrency market saw a 0.3% decrease.
Binance’s decision to end support for NFT-related features and Polygon-based NFTs reflects the company’s effort to streamline its services. Users have been given a clear timeline to withdraw their Polygon NFTs, and Binance has assured the return of these assets. Although the decision impacts the availability of certain features, it appears that Binance will maintain its support for Polygon’s MATIC token moving forward.
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