Breaking news for crypto enthusiasts: Binance NFT is ending support for the Polygon network and The Sandbox NFT staking program.
Discover why Binance took this drastic step, how it affects your NFT holdings, and what you should do next. Stay informed with our in-depth analysis.
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Binance NFT Discontinues Certain Services
On September 8, 2023, Binance announced the termination of support for the Polygon network and The Sandbox NFT staking program within their NFT marketplace, Binance NFT.
This decision has reportedly been made after careful evaluation and consideration as part of the efforts to rationalize Binance NFT’s product offerings.
Details on Ending Polygon Network Support
Support for the Polygon network will cease at 6:00 AM on September 26, 2023. Users are required to withdraw their NFTs from the Polygon network by 11:59 PM on December 31, 2023 (further details will be provided to affected users).
As a result, it is anticipated that post September 26, 6:00 AM, the purchase, deposit, provision, and listing of NFTs via the Polygon network on Binance NFT will no longer be possible.
Additionally, all affected listings will be automatically canceled at the same time, and relevant Polygon network NFTs will be returned to users after 2:00 AM on September 28, 2023.
Update on The Sandbox NFT Staking Program
After 6:00 AM on September 26, 2023, it will no longer be possible to stake Polygon-hosted LAND NFTs to earn SAND rewards in the Sandbox NFT staking program.
All LAND NFTs staked in Binance NFT will be automatically unstaked on September 27, 2023, and returned to users' Binance accounts after 2:00 AM on September 28, 2023.
The final SAND rewards will also be automatically distributed to the eligible physical wallets after 2:00 AM on September 28, 2023.
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