- Binance NFT marketplace plans to end The Sandbox NFT Staking Program.
- Binance will stop supporting the Polygon Network from September 26.
- Binance’s decision led to a 4% decline in MATIC’s value.
The global NFT marketplace of the world’s leading cryptocurrency exchange has declared its intention to terminate The Sandbox NFT Staking Program later this month. In addition, from September 26, the Binance NFT marketplace will cease support for the Polygon Network. These recent modifications are characterized as attempts to simplify the product range on the NFT marketplace.
A recent update on Binance’s official website shows that the cryptocurrency leader has discontinued support for staking LAND NFTs on the Polygon Network after a thorough analysis. Users on the Binance NFT Marketplace have been staking these NFTs to receive daily rewards in The Sandbox
It has been reported that all LAND NFTs staked on the Binance NFT Marketplace will be unstaked on September 27 and returned to users’ respective Binance accounts on the next day. Furthermore, Binance NFT has recommended that users withdraw their NFTs through the Polygon Network from the Binance NFT Marketplace, as the latter will soon cease support for the Polygon Network.
Binance has alerted its users to potential disruptions on September 26 due to certain changes. These changes may prevent users from purchasing, depositing, offering, or listing NFTs from the Polygon Network on the Binance NFT Marketplace. More information about these developments will be shared with those users who are likely to be directly affected by these changes.
The crypto community’s response to the recent modifications in Binance NFT Marketplace was varied. Users on X (previously known as Twitter) seemed predominantly unaffected by these alterations, although a handful disapproved of discontinuing support for Polygon Network. CoinMarketCap’s data indicates that following Binance’s announcement on September 8, 2023, Polygon’s native token, MATIC
