Binance, one of the leading cryptocurrency exchanges, has recently announced its decision to terminate support for features related to non-fungible tokens (NFTs). The company stated that it will cease support for all Polygon-based NFTs on September 26, and users are required to withdraw their Polygon NFTs by December 31. This move comes as part of Binance’s effort to streamline its services and follows the discontinuation of its Sandbox NFT Staking Program.
Binance’s decision to end support for NFT features signifies a significant shift in its strategy. The company has asked users to withdraw their Polygon NFTs by the end of the year, as they will no longer be able to purchase Polygon NFTs after September 26. All listings for Polygon NFTs will be canceled on that day, and users can expect the return of their Polygon NFTs to their accounts starting from September 28.
Furthermore, Binance has also decided to discontinue its Sandbox NFT Staking Program. This program allowed users to stake LAND tokens and earn SAND rewards in relation to a popular Polygon-based metaverse game called The Sandbox. The staking program will officially end on September 26, and Binance will automatically unstack users’ LAND NFTs on September 27. Subsequently, the tokens will be sent back to users’ Binance accounts on September 28. The final staking rewards will also be distributed on the same day.
Binance has attributed the service reduction to its “consideration and evaluation” of its offerings. The company has expressed its intention to streamline its services, although it has not provided any explicit reasons for terminating these specific features. Binance has not disclosed whether trading volumes or user demand played a role in its decision to discontinue the NFT-related services.
Binance’s NFT Marketplace
Binance’s NFT marketplace was introduced in April 2021, allowing users to engage in NFT transactions on three different networks: Ethereum, BNB Chain, and Bitcoin. The exchange later included support for Polygon-based NFTs on March 8, 2023. However, the support for these features has been short-lived, lasting only six months or less. Binance also added support for Bitcoin Ordinals in May, expanding its offering to Bitcoin enthusiasts.
It is worth noting that the termination of NFT-related features does not imply delisting of Polygon’s MATIC token from Binance’s main exchange. MATIC is a significant cryptocurrency with a market capitalization ranking it as the 14th largest in the industry, valued at $5.05 billion. Binance currently handles a substantial volume of MATIC trading, as evidenced by its involvement in at least $37 million of MATIC’s $181 million trading volume on September 8. Although the cryptocurrency market experienced a slight decline of 0.3%, MATIC witnessed a 1.7% decrease over a 24-hour period.
Binance’s decision to end support for NFT-related features, particularly Polygon-based NFTs and the Sandbox NFT Staking Program, marks a significant change in the exchange’s strategy. The company’s aim of streamlining its services has prompted these alterations, although the specific reasons behind the discontinuation have not been unveiled. Despite this, Binance will continue to facilitate trading of Polygon’s MATIC token, which remains a substantial asset within the cryptocurrency market.