In a bold attempt to streamline its product offering, the Binance NFT marketplace has revealed that it will no longer sell or offer Polygon NFTs from September 26. Users have until the end of this year to secure their collectibles through withdrawals.
Additionally, effective at the same date and time, the NFT marketplace will be discontinuing its “The Sandbox NFT Staking Program.” Therefore, users can no longer stake LAND NFTs via the Polygon blockchain to earn daily rewards to earn $SAND tokens. All LAND NFTs currently staked will be automatically unstaked the next day, September 27, and returned to users’ Binance accounts on September 28, along with a final batch SAND Rewards – in a diplomatic attempt to keep The Sandbox adventurers entertained.
Major Update: Binance NFT Marketplace Discounts Sandbox NFT Staking Program and Removes Polygon Network Effective 2023-09-26 06:00 (UTC).
Read more ➡️ https://t.co/rnk78i0rTw
— Binance NFT (@TheBinanceNFT) September 8, 2023
Binance Rumors Amid Polygon NFT Halt
The timing of Binance’s Twitter announcement – discussing its departure from the blockchain – coincides with the platform’s CEO, Changepeng Zhao, facing rumors on the social media hub. The whispers surrounding Binance include “fake news” about “bank runs, lawsuits, fiat channel closures, product phase-outs, employee turnover, exit markets, etc.”
Nevertheless, Zhao stated that the stock market is strong and said there are “no liquidity problems. All withdrawals (and deposits) are handled correctly. All customer funds are #SAFU and 100% reserved.” Also in this post, he reveals that Binance has handled a “smooth sunset of legacy products,” with Polygon appearing to have fallen victim.
I’ve seen some debates in the community. If you do the right thing, and FUD occurs, you don’t have to do anything. The community defends you.
Let me summarize. There have been a lot of negative news/rumors, bank runs, lawsuits, closure of fiat channels, phasing out of products,…
— CZ ???? Binance (@cz_binance) September 7, 2023
Polygon’s impact on the NFT landscape
Polygon is the designated blockchain behind MATIC, positioned as the 14th largest cryptocurrency by market cap as it serves as a scaling solution to address many of Ethereum’s challenges.
Just a month ago, MATIC experienced a sudden surge following news of tokenized Coinbase shares joining the network through a partnership with Backed Finance. Binance Polygon NFTs also consist of OG collections: Reddit, DeGods, y00ts, and DraftKings, among others. Nevertheless, the chain continues to decline, down 3.47% from the day before and trading at $0.508 at the time of writing, according to CoinMarketCap.
In the fast-paced blockchain landscape, abrupt changes like these highlight the importance of staying abreast of market news and making informed decisions when navigating the crypto and NFT realms. Users affected by Binance’s upcoming change are advised to retrieve their Polygon assets as early as possible.
Want more? Connect with NFT Plazas
Sign up for the weekly newsletter
follow us on twitter
Like us on Facebook
Follow us on Instagram
*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational materials only. Individuals are required to fully research any product before making any form of investment.