NFT Staking Program Sandbox (SAND) and Polygon Network (MATIC) NFTs will officially prevent supporting Binance NFTs from September 26, 2023
Binance stops supporting the Polygon NFT network right after six months of integration
End of help right after only six months of integration
On the afternoon of September eight, 2023, Binance NFT announced that it will discontinue The Sandbox NFT staking system and prevent supporting the Polygon network in the close to potential.
Important Update: Binance NFT Marketplace will low cost the Sandbox NFT Staking system and take out Polygon Network helpful 2023-09-26 06:00 (UTC).
Read much more ➡️ https://t.co/rnk78i0rTw
— Binance NFT (@TheBinanceNFT) September 8, 2023
Specifically, for The Sandbox NFT staking system:
- Starting September 26, 2023 (UTC) at one:00 PM, customers will no longer be in a position to stake LAND NFTs from the Polygon network on Binance NFT Marketplace to earn The Sandbox (SAND) rewards.
- All now staked NFT LANDs will immediately be staked sale on September 27, 2023.
- SAND and NFT rewards will be immediately refunded to users’ Binance accounts right after 09:00 on September 28, 2023 (Vietnam time).
At the similar time, Binance NFT will also prevent supporting the Polygon network throughout the similar time period, beginning at one:00 PM on September 26, 2023:
- Users have to spot an purchase to withdraw the Polygon NFT Network from the Binance NFT Market in advance of 06:59am December 31, 2023 (KST).
- Users could not obtain, deposit, promote, or record Polygon Network NFTs on the Binance NFT marketplace.
- All listed NFTs will immediately be canceled right after 1pm on 26 September 2023.
- Polygon Network NFTs will be returned to users’ accounts right after 9am on September 28, 2023.
Binance NFT Marketplace is a platform for purchasing, offering and trading NFT solutions comparable to Rarible, Opensea. This exchange will allow customers to use the cryptocurrencies BNB, MATIC and ETH to obtain NFTs.
Notably, the Polygon network was announced by Binance NFT to include help only on March eight, 2023, which is precisely six months in the past.
Binance did not announce the precise explanation, but According to data from a Cointelegraph post On January 19, 2023, Binance will take out NFTs with every day trading volume much less than USD one,000 and restrict the quantity of artist NFTs minted just about every day.
General problem of the NFT market place
NFT stands for “Non-Fungible Token”, which is a distinctive cryptocurrency that are unable to be replaced by a different NFT. NFTs generally signify some digital asset or tokenized asset from the serious planet.
After virtually five many years considering that it produced waves in the market place underneath the identify CryptoKitties NFT in late 2017, the recent NFT market place has grown with a lot of markets and distinct classifications.
More and much more worldwide brand names want to borrow NFTs to get closer to consumer audiences, as effectively as increase their brand presence in the web3 planet with a quantity of giants this kind of as Casio, DraftKings, Adidas, Nike, Starbucks, Prada.
Despite the prospective, final 12 months 2023 noticed a dramatic decline in the worth of blue-chip NFT collections, forcing an investor to promote BAYC NFTs at a reduction of up to 624 ETH right after practically one 12 months of holding.
More not long ago, there is data that the US Securities and Exchange Commission (SEC) has sanctioned it Impact Theory – a studio that creates information in the kind of podcasts – illegally presented securities as NFTs, marking the initially time in historical past that an NFT venture has been fined.
Not only that, The US Department of Justice also issued a determination prosecute the former director of OpenSea for insider trading, as effectively former director and accomplices of Coinbase With comparable allegations, this could also be a significant bring about of affect on growth ideas of NFT tasks.
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