In a recent announcement via its blog, Binance has unveiled significant changes to its non-fungible token (NFT) ecosystem. Beginning September 26, Binance is set to discontinue The Sandbox NFT Staking Program and end support for the Polygon Network.
From that date onward, Binance NFT Marketplace users will encounter limitations. They will no longer have the ability to buy, deposit, sell, or list NFTs originating from the Polygon Network. Furthermore, the option to stake LAND NFTs within the Polygon Network on Binance NFT Marketplace to accrue daily The Sandbox (SAND) rewards will be off the table.
Come September 27, all LAND NFTs currently staked on the Binance NFT Marketplace will undergo automatic unstaking and be returned to the respective users’ Binance accounts.
While specific motivations behind these changes remain unclear, Binance has cited a thoughtful and evaluative process as the impetus for these changes. This move is seen as part of its ongoing commitment to “streamline product offerings on Binance NFT Marketplace.”
Binance originally launched its NFT marketplace in June 2021, evolving it from a basic marketplace into a versatile, multi-chain hub catering to NFT creators, collectors, and brands.
Among Binance’s notable initiatives is the introduction of Bicasso in March, an AI-driven tool empowering users to generate images and mint them as NFTs. It was recently made available to the public as “Bixel.”
The platform has also forged several high-profile partnerships, including one with renowned figures like Cristiano Ronaldo.
Regarding The Sandbox NFT Staking Program, Binance inaugurated it in April with the aim of enabling users to stake their LAND NFTs residing on the Polygon network, reaping daily The Sandbox (SAND) rewards in the process.
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