Binance Ends Support for Polygon NFTs and The Sandbox NFT Staking Program
According to Binance, the latest discontinuation is part of a larger attempt to 'streamline product offerings' on its NFT platform.
Binance to remove support for Polygon NFTs and The Sandbox staking rewards
Leading crypto exchange Binance has stated that it will end The Sandbox staking program and support for Polygon NFTs on September 26.
Per the official blog post, the decision was made after 'careful consideration' and is part of a larger attempt to 'streamline product offerings on Binance NFT Marketplace.' The Binance NFT platform, introduced in April 2021, began supporting Polygon-based NFTs on March 8, 2023. A month later, on April 28, The Sandbox NFT staking program went live, allowing users to earn SAND rewards by staking LAND NFTs. These features, in essence, only lasted six months on the platform.
Starting September 26, users won't be able to stake LAND NFTs based on the Polygon network on Binance NFT. All LAND NFTs currently staked on the platform will be automatically unstaked and returned to the users' accounts after September 28, along with the final SAND rewards credited to users' Spot wallets on the same day.
Furthermore, on September 26, the NFT marketplace will discontinue support for the Polygon network. Users will not be able to buy, deposit, offer, or list Polygon NFTs on the platform and must withdraw their Polygon NFTs by December 31. On September 26, all impacted listings will be automatically canceled, with the corresponding NFTs returned to the users' accounts on September 28.
While the firm did not say whether the decision was impacted by trading volumes or user demand, this did not stop Reddit users from speculating, claiming that the services were discontinued due to low profitability. The move also coincided with a host of service discontinuations at Binance. Just last month, the firm announced that it would shut down Binance Connect on August 16, followed by plans to wind down support for BUSD products and the crypto card partnership with Mastercard. Binance also saw 10 key execs leaving the firm recently, adding much fear, uncertainty, and doubt (FUD) to the state of its operation.
