In a significant twist in the NFT market, Binance’s NFT marketplace, the world’s largest cryptocurrency exchange, has announced its decision to terminate The Sandbox NFT Staking Program and, more notably, cease support for the Polygon network as of September 26, 2023. These strategic moves aim to streamline the platform’s NFT product offerings. In this report, we delve into the details of this shocking news and gauge community reactions.
The Farewell to Polygon Network
The announcement that has stirred the most buzz is Binance’s decision to discontinue support for the Polygon network starting September 26, 2023. This means that users of the Binance NFT Marketplace will no longer be able to purchase, deposit, bid, or list NFTs from the Polygon network on the platform. This shift is noteworthy, given Polygon’s rising prominence in the cryptocurrency ecosystem due to its scalability and low transaction costs.
The news has elicited a mixed response from the crypto community. While some users seem largely unfazed by the changes and trust Binance’s vision, others have voiced their disagreement with the withdrawal of support for the Polygon network. This has led to some market volatility, with Polygon’s native token, MATIC, losing over 4% of its value immediately following Binance’s announcement on September 8, 2023, according to CoinMarketCap data.