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Binance NFT ends Sandbox staking and drops Polygon network support

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TL;DR Breakdown

  • Binance NFT announces a halt to The Sandbox NFT Staking Program, effective September 26, 2023.
  • Staking of LAND NFTs on the Polygon Network will be suspended, with an automatic unstaking process set to begin on September 27, 2023.
  • Binance NFT is ending its support for the Polygon Network, requiring users to complete all withdrawals by December 31, 2023.

Description

Binance NFT has announced changes that will reshape its platform’s offerings. Effective September 26, 2023, at 06:00 (UTC), the platform will terminate The Sandbox NFT Staking Program. This decision is part of a broader strategy to refine the Binance NFT Marketplace’s product offerings. The staking of LAND NFTs, currently hosted on the Polygon Network, will … Read more

Binance NFT has announced changes that will reshape its platform’s offerings. Effective September 26, 2023, at 06:00 (UTC), the platform will terminate The Sandbox NFT Staking Program. This decision is part of a broader strategy to refine the Binance NFT Marketplace’s product offerings.

The staking of LAND NFTs, currently hosted on the Polygon Network, will be suspended from the aforementioned date. Users who have staked their LAND NFTs can expect an automatic unstaking process to commence on September 27, 2023. 

By September 28, 2023, at 02:00 (UTC), these NFTs will be returned to the users’ Binance accounts. The final distribution of daily SAND rewards will also occur after this time. Tweets from Binance NFT confirmed these changes, urging users to read the platform’s guides or contact customer support for more information.

Binance NFT is also pulling the plug into its Polygon Network support. Starting from the same date and time as the staking program suspension, the platform will no longer facilitate activities related to NFTs on the Polygon Network. Users must complete their withdrawals on December 31, 2023, at 23:59 (UTC).

After this deadline, activities such as buying, depositing, offering, or listing NFTs from the Polygon Network will be restricted on the Binance NFT Marketplace. Existing listings connected to the Polygon Network will also be automatically nullified, and the related NFTs will be returned to users’ accounts by September 28, 2023, at 02:00 (UTC).

Binance NFT expressed regret for any inconvenience these changes may cause. For those seeking further clarification, the platform directed users to consult its customer support and online guides. Tweets from the company reiterated this advice, emphasizing the importance of adhering to the new guidelines and timelines.

The move is seen as a strategic pivot for Binance NFT as it seeks to optimize its product line-up. While the immediate impact on users is clear, the long-term implications for the platform and the broader NFT market remain to be seen.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.15:10

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