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Binance NFT to Terminate Support for Polygon-Based NFTs

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Crypto

After six months, Binance NFT is stopping the support of Polygon-based NFTs.

In an unexpected turn of events, Binance’s NFT marketplace has decided to halt support for Polygon NFTs based. The abrupt announcement has left many in the community questioning the reasons behind this move.

On September 8th, Binance’s NFT marketplace took to their blog to announce the discontinuation of their Sandbox NFT Staking Program. The program allowed users to stake Polygon-based Land NFTs from The Sandbox game in return for SAND token rewards.

Set to take effect on September 26th, the program will be closed due to the need to “streamline product offerings.” Following the shutdown, all staked NFTs will be automatically returned to the users’ spot wallets.

Not stopping there, Binance NFT also revealed that the marketplace will no longer support the Polygon network, effective the same day as the program’s cessation.

Users are now facing a deadline of December 31st to withdraw all their Polygon-based NFTs from Binance’s marketplace. Although the decision is clearly outlined, Binance offered little in terms of explaining why they are taking such actions. The statement noted:
More details will be provided to impacted users at a later date.
It is worth noting that the halt comes six months after the company announced the support for non-fungible tokens issued on the Polygon network.

Binance NFT’s decision to sever ties with Polygon has raised more questions than it has answered. The scant details accompanying the announcement have led to speculation and uncertainty among the platform’s users. As the September 26th deadline approaches, many are keenly waiting for further information to understand the full impact and reasoning behind this abrupt move.

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