Binance NFT Marketplace to Discontinue Polygon NFT Sales and The Sandbox LAND Staking Program

Binance NFT Marketplace to Discontinue Polygon NFT Sales and The Sandbox LAND Staking Program

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In a strategic move aimed at refining its product offerings, the Binance NFT Marketplace has made a significant announcement. Starting from September 26, it will no longer support the sale or listing of Polygon NFTs. Users are urged to take action and safeguard their NFT collectibles through withdrawals, with the deadline set at the end of this year.

Simultaneously, on the very same date and time, the NFT marketplace will terminate The Sandbox NFT Staking Program.’ Consequently, users will lose the ability to stake their LAND NFTs using the Polygon blockchain, which has been a means of earning daily rewards in the form of $SAND tokens. All currently staked LAND NFTs will be automatically unstaked on September 27, and they will be returned to users’ Binance accounts on September 28. This will also coincide with the distribution of a final batch of SAND rewards, as part of Binance’s effort to ensure a smooth transition for The Sandbox community.

Binance’s official Twitter account made this important update, stating that these changes will take effect from September 26, 2023, at 06:00 (UTC).

The announcement comes at a time when Binance’s CEO, Changpeng Zhao, has been addressing rumors circulating on various social media platforms. These rumors have included speculations about the exchange, such as “fake news” regarding issues like “bank runs, lawsuits, the closing of fiat channels, product wind-downs, employee turnover, exit markets, etc.”

Zhao, in response to these rumors, asserted the stability and integrity of the exchange. He clarified that Binance is not facing any liquidity issues and that all withdrawals and deposits are being properly managed. He also emphasized the safety of customer funds, stating that they are “#SAFU” and 100% reserved. Additionally, he mentioned that Binance has been smoothly winding down old products, with Polygon NFTs seemingly becoming one of them.

Polygon, known as the blockchain behind MATIC, is the 14th largest cryptocurrency by market capitalization. It is recognized for providing a scaling solution to address various challenges faced by Ethereum. Just a month ago, MATIC saw a significant surge in value after announcing the tokenization of Coinbase stocks in collaboration with Backed Finance.

Polygon’s NFT offerings on Binance include prominent collections such as Reddit, DeGods, y00ts, and DraftKings. Despite its significance, Polygon has experienced a recent decline, with a 3.47% decrease compared to the previous day, currently trading at $0.508 according to CoinMarketCap.

This development underscores the dynamic nature of the blockchain industry and the importance of staying informed about market changes. Users who hold Polygon NFT assets on Binance are strongly encouraged to take prompt action to secure their holdings as per the announced changes.

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