Binance drops support for Sandbox NFT staking, will soon end support for all Polygon NFTs

cyptouser11 months agoDerivatives Exchanges325

Binance drops support for Sandbox NFT staking, will soon end support for all Polygon NFTs

Leading crypto exchange Binance said that it will end support for features related to non-fungible tokens (NFTs) on Sept. 9 and for all Polygon-based NFTs on Sept. 26.

The company asked users to withdraw Polygon NFTs by Dec. 31. It said that users will not be able to buy Polygon NFTs after Sept. 26 and that all listings will be canceled that day. It added that Polygon NFTs will be returned to user accounts after Sept. 28.

Binance also said it would discontinue its Sandbox NFT Staking Program, which previously allowed users to stake LAND tokens and earn SAND rewards in connection with a popular Polygon-based metaverse game, The Sandbox.

That staking program will end on Sept. 26, and Binance will automatically unstack users’ LAND NFTs on Sept. 27. Those tokens will be sent back to users’ Binance accounts on Sept. 28, and the final staking rewards will be distributed that same day.

Binance said that the service reduction is the result of “consideration and evaluation” and part of its attempts to “streamline” its services. It did not comment on whether trading volumes or user demand affected its decision to end those services.

Binance introduced its NFT marketplace in April 2021. It added support for Polygon-based NFTs more recently on March 8, 2023, and it introduced its Sandbox staking program just over one month later on April 28, 2023. As such, each feature was very short-lived and available to customers for six months or less.

Binance’s NFT marketplace currently supports three other networks: Ethereum, BNB Chain, and Bitcoin. The company added support for Bitcoin Ordinals in May.

Polygon (MATIC) will remain listed on Binance

There is no indication that Binance intends to delist Polygon’s MATIC token from its main exchange. Binance is a major exchange for MATIC trading: it handled at least $37 million of MATIC’s $181 million trading volume over a 24-hour period on Sept. 8.

MATIC is the 14th largest cryptocurrency by market cap, with a total supply worth $5.05 billion. It is down 1.7% over 24 hours, while the crypto market is down 0.3%.


The content on this website comes from the Internet. Due to the inconvenience of proofreading the authenticity and accuracy of the copyright or content of some content, it may be temporarily impossible to confirm the authenticity and accuracy of the copyright or content. For copyright issues or other issues caused by this, please Call or email this site. It will be deleted or changed immediately after verification.

related articles

Prosecutors withdraw campaign finance charges against Sam Bankman-Fried

U.S. prosecutors have withdrawn political campaign financing charges against former FTX CEO Sam...

Federal Reserve creates ‘Novel Activities Supervision Program’ to oversee new financial technologies

The Federal Reserve Board announced on Aug. 8 the creation of the Novel Activities Supervi...

Nate Chastain sentenced to three months for insider trading at OpenSea

Nate Chastain, formerly an employee at OpenSea, has been sentenced to three months in prison on...

SEC charges Titan Global Capital Management for ‘misleading’ performance metrics

The U.S. Securities and Exchange Commission (SEC) announced today that it has charged New York-based...

New York Attorney General probing Digital Currency Group in relation to Genesis Global Capital : Rep

The New York Attorney General (NYAG) is currently probing Digital Currency Group (DCG), ac...

Tornado Cash developer pleads not guilty to charges of conspiracy, money laundering

Tornado Cash developer pleads not guilty to charges of conspiracy, money laundering

Roman Storm, a key developer behind cryptocurrency mixer Tornado Cash, pleaded not guilty to several...