Binance, one of the leading players in the crypto world, has decided to discontinue its support for Polygon NFTs on September 26, 2023. This decision has sparked a significant debate within the crypto community and raised concerns among Polygon NFT holders.
Binance’s Decision
Binance has chosen to terminate its support for Polygon NFTs on September 26, 2023. This means users will no longer be able to purchase or list Polygon NFTs on the platform, and all affected listings will be canceled. Binance announced this decision in a statement released on Friday.
“Binance recommends that users withdraw their NFTs from the Binance NFT Marketplace via the Polygon Network by December 31, 2024, at 23:59 UTC.”
Additionally, Binance also announced the discontinuation of the NFT staking program for Sandbox. It was stated that this decision was the result of an evaluation aimed at simplifying Binance NFT Marketplace product offerings.
Polygon NFT Collection
The Sandbox NFT collection is known as the second most traded Polygon NFT collection on Binance’s NFT marketplace. The collection’s base price is 899.15 MATIC (approximately $494), with a trading volume of 20.2 million MATIC (approximately $11.1 million) recorded. Polygon NFTs had gained popularity among crypto artists and collectors, and this decision appears to deeply affect this community.
Implications and Consequences
Binance’s decision to discontinue support for Polygon NFTs has had various repercussions in the crypto world.
Polygon NFT holders are concerned due to Binance’s decision, as it compels them to withdraw their NFTs from the Binance NFT Marketplace, necessitating a move to a different platform.
This decision by Binance has sparked significant debate within the crypto community. While some have received it with understanding, others have criticized it and accused Binance of abandoning the Polygon community.
Binance has stated that it made this decision to simplify its product strategy. This could potentially influence the platform’s future strategic plans and offer new opportunities to Binance users.
Source: The Block
