Crypto exchange Binance today said it would end support for Polygon on its NFT marketplace.
In a Friday blog post, the world’s biggest crypto exchange said the decision was part of “ongoing efforts to streamline product offerings on Binance NFT Marketplace.”
Binance did not immediately respond to Decrypt‘s request for comment.
The news arrives just after Binance CEO Changepeng Zhao refuted “rumors” on Twitter that executives had left the company or it was winding down any projects. But then said in the same message that Binance has been handling a “smooth sunsetting of old products.”
Friday’s announcement added that users will not be able to buy or list Polygon NFTs on the marketplace after 6am UTC, September 26. Users also will not be able to users will not be able to stake LAND NFTs hosted on Polygon to earn daily The Sandbox (SAND) rewards.
Important Update: Binance NFT Marketplace will be discounting The Sandbox NFT Staking Program and remove Polygon Network with effect from 2023-09-26 06:00 (UTC).
Read more ➡️ https://t.co/rnk78i0rTw
— Binance NFT (@TheBinanceNFT) September 8, 2023
“This decision was made after careful consideration and evaluation, and it is part of our ongoing efforts to streamline product offerings on Binance NFT Marketplace,” the exchange said, adding that users should withdraw their NFTs by the end of the year.
Polygon is the blockchain behind the 14th largest cryptocurrency by market cap, MATIC. At the time of writing, MATIC had taken a 2.4% plunge from the day before and was trading hands at $0.54 according to CoinGecko. The dip had erased the gains the token made from the week before. Although MATIC soared a month ago—seemingly on news that tokenized Coinbase stocks were coming to the network through Backed Finance—it’s now down 21% from those highs.
The Polygon netowrk is a scaling solution aimed at solving some of Ethereum’s problems—allowing developers to do things like build decentralized finance (DeFi) apps or NFTs with greater speed. It’s been the network of choice for Reddit to launch its NFT collections.
Polygon is the fifth biggest blockchain for NFTs, according to CryptoSlam, with a 24-hour trading volume of $831,880.