Binance, the world's largest cryptocurrency exchange
- Binance, the world’s largest cryptocurrency exchange, has announced its decision to discontinue The Sandbox NFT Staking Program and stop supporting the Polygon Network from September 26.
- The move aims to simplify product offerings within the NFT marketplace.
- All LAND NFTs currently staked on the Binance NFT Marketplace will be unstaken on September 27 and returned to users’ accounts.
The NFT marketplace operated by the world’s largest cryptocurrency exchange has revealed its decision to discontinue The Sandbox NFT Staking Program later this month. Additionally, the Binance NFT marketplace will cease supporting the Polygon Network starting from September 26. These adjustments are aimed at simplifying the product offerings within the NFT marketplace.
In a recent blog post published on Binance’s official website, it was explained that after careful consideration and evaluation, the cryptocurrency giant has opted to withdraw its support for staking LAND NFTs hosted on the Polygon Network. Users of the Binance NFT Marketplace engage in staking these NFTs to earn daily rewards in The Sandbox (SAND).
It has been announced that all LAND NFTs currently staked on the Binance NFT Marketplace will be unstaked on September 27 and subsequently returned to users’ Binance accounts. Furthermore, users have been advised to withdraw their NFTs via the Polygon Network as Binance NFT Marketplace will discontinue its support for Polygon Network.
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With these changes set to take effect on September 26, Binance has issued a warning to its users, informing them that they will no longer be able to buy, deposit, offer, or list NFTs from the Polygon Network on the Binance NFT Marketplace. Additional information regarding these developments will be provided to users who will be directly affected by the changes.
The crypto community’s response to Binance NFT Marketplace’s recent adjustments has been mixed. While users on various platforms, such as X (formerly Twitter), appeared largely unaffected by the changes, there were some who expressed opposition to the withdrawal of support for the Polygon Network. According to data from CoinMarketCap, Polygon’s native token MATIC experienced a drop of over 4% in value following Binance’s announcement on September 8, 2023.
