HomeNewsBinance Announces the End of NFT Staking and Polygon Network Integration

Binance Announces the End of NFT Staking and Polygon Network Integration

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  • Binance ceases the Sandbox NFT Staking Program by month-end.
  • Support for NFTs on the Polygon network to be removed from Binance NFT Marketplace starting September 26.

In a strategic pivot, Binance, the world’s preeminent crypto exchange, declared on Friday that it will terminate the Sandbox NFT Staking Program by the close of September. This development implies that users will also lose the capability to stake LAND NFTs, which are hosted on the Polygon network, via the Binance NFT Marketplace.

Binance Refines its NFT Strategy

Binance unveiled its decision to wind down the Sandbox NFT Staking Program in a formal declaration on September 8. As elucidated by the exchange, this move emanates from meticulous analysis and introspection, underscoring its commitment to refining and elevating product propositions within the Binance NFT Marketplace.

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Post September 26, LAND NFTs – tokens representing virtual real estate parcels – hosted on the Polygon network will no longer be eligible for staking to accrue SAND rewards. Ensuring a seamless transition, Binance has pledged to automatically unstake all affected LAND NFTs, ensuring they revert to the respective users’ accounts as September concludes.

Furthermore, in a move that consolidates this strategy, Binance will cease all support for NFTs operational on the Polygon network from September 26 onwards. This entails an imperative for users: they must expedite the withdrawal of their NFTs on the Polygon network from the Binance NFT Marketplace, ensuring all actions are completed before the end of December.

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To accentuate the finality of this decision, the ability to purchase, deposit, tender, or even enlist NFTs from the Polygon Network on the Binance NFT Marketplace will be irrevocably terminated.

To provide context, it’s noteworthy to mention a report from CoinGape Media which highlighted that the trends of delisting and the cessation of support for trading pairs like Cardano and Polygon on Binance have gained momentum. This surge can be correlated to the intensified legal scrutiny from entities such as the SEC and CFTC.

A notable instance being Binance’s decision on August 17, where it chose to delist Cardano (ADA) and Polygon (MATIC) perpetual contracts with BUSD pairs. This was further cemented when the exchange opted to remove liquidity pools for Cardano, Polygon, and 37 other entities on September 1.

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