Binance Non-Fungible Token (NFT) Suspends Support For The Polygon Network
Binance NFT Marketplace announced its decision to stop supporting the Polygon Network, a layer two scaling method for Ethereum, in a move that sent shockwaves across the cryptocurrency world. The recent development is consequential for users staking their NFTs on the platform to get The Sandbox (SAND) payouts.
This latest event has drawn the attention of many users hoping to profit from the expanding non-fungible token and blockchain gaming ecosystems. Binance NFT Marketplace formally announced on the 8th of September, 2023, that it would no longer enable the staking of LAND NFTs on the Polygon Network.
Many users were seen racing to figure out the ramifications for their staked assets immediately after the unpopular announcement. This choice had immediate effects that could be seen in the cryptocurrency market.
According to data extracted from CoinMarketCap, MATIC, the native token of Polygon, witnessed a steep decrease, shedding more than 4% of its value few hours after the Binance announcement went public. The analysis also buttresses the value decline highlights the potential effects of such actions by influential cryptocurrency industry players on related coins and initiatives.
Users of the Binance NFT Marketplace have been urged to act quickly and remove their NFTs from the system using the Polygon Network. By taking this action, users will be protected from losing their staked assets and will be able to maintain good management of their NFTs. Users were given the particular withdrawal procedure and timing to help them through this transition.
The NFT Market Community Reacts, As Binance Commences Unstaking Process
Comments gathered on the X and other social media platforms show that some users were disappointed since they had grown to rely on it for staking their NFTs and collecting SAND rewards. Others raised concerns about how such measures would broadly affect the cryptocurrency market, highlighting the need for decentralized solutions that lessen reliance on centralized platforms.
Some Polygon communities responded to the circumstances by pledging to help them and deal with any problems that may result from this development. On their blog, Polygon has continued to urge users to look into alternate websites and programs for staking their NFTs and participating in blockchain gaming.
Information published on the Binance official blog shows that the company (Binance) will be unstaking all LAND NFTs on the Binance NFT platform on the 27th of September. The unstaked assess will be returned to each user’s Binance account the next day.
Binance NFT has also formally informed its users to withdraw their assets through the Polygon Network from the Binance NFT platform as the process of ending the collaboration with Polygon Network progresses. Aditya Anand from Coin Edition says that this move was part of Binance’s efforts to restructure the products it offers.
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