Binance ends support for Polygon NFTs and Sandbox staking

Blockchain
Binance ends support for Polygon NFTs and Sandbox staking

Leading crypto exchange Binance has announced it will terminate all support for Polygon-based NFTs and the Sandbox NFT staking program on Sept. 26.

Cessation of Polygon NFTs

According to a recent announcement, Binance will terminate support for Polygon NFTs six months after integrating them into the platform. Users have been instructed to withdraw their NFTs by Dec. 31.

Starting from Sept. 26, purchases of Polygon NFTs will be halted, with all listings canceled. All Polygon NFTs will be automatically returned to user accounts after Sept. 28 to ease the transition.

$LAND staking also affected

The discontinuation also impacts The Sandbox NFT Staking Program. This program, linked to the popular Polygon-based metaverse game, The Sandbox, lets users stake $LAND tokens to earn $SAND rewards.

The staking program will meet its end on Sept. 26. In a move to facilitate users, Binance will automatically unstake LAND NFTs on Sept. 27. Subsequently, these tokens will be reverted to users’ Binance accounts by Sept. 28, with the final staking rewards being distributed on the same day.

Streamlining services

Binance’s decision to cut back on these services comes from its intention to “streamline” offerings after “consideration and evaluation”.

The company remained tight-lipped about whether trading volumes or user demands influenced this decision. However, that didn’t stop Reddit users from speculating, suggesting that the services were terminated due to low profitability.

Binance’s influence in the NFT space

A brief look into the history of Binance’s foray into the NFT marketplace shows its ephemeral nature. Introduced in April 2021, the platform began supporting Polygon-based NFTs on March 8, 2023. Merely a month later, on April 28, it rolled out its Sandbox staking program. These features, in essence, had a lifespan of just six months on the platform.

However, it’s important to note that Binance’s NFT marketplace still has strong ties with three other networks, namely Ethereum, BNB Chain, and Bitcoin. Adding to its repertoire, Binance incorporated support for Bitcoin Ordinals this past May.

$MATIC registers small drop

As speculation might arise regarding the future of Polygon’s MATIC token on Binance, it’s been confirmed that there are no plans to delist it. Binance remains a pivotal player in MATIC trading, accounting for a large portion of its trading volume.

Binance ends support for Polygon NFTs and Sandbox staking - 1
MATIC 7-Day Price (Source: CoinMarketCap)

Yesterday, the MATIC token witnessed a small dip of 1.7% over 24 hours, outpacing the crypto market’s slight 0.3% decline.

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