1. BITBILIHome
  2. Article

Binance NFT ends Sandbox staking and drops Polygon network support

• 185 views

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

文章来源于互联网:Binance NFT ends Sandbox staking and drops Polygon network support

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年9月10日 04:01
Next 2023年9月10日 06:32

Related articles

  • Crypto report shows strong optimism about growth in the future

    TL;DR Breakdown A crypto report has shown that asset managers still believe that crypto will grow drastically in the future. Market challenges and preparation for future growth. Description Despite enduring the crypto winter, a notable number of asset managers, hedge funds, and investors are anticipating substantial growth in the digital assets sector over the next five years, according to a crypto report by Coalition Greenwich. The crypto report, conducted through interviews with 60 professionals, including portfolio managers, traders, analysts, researchers, and managing directors … Read more Despite enduring the crypto winter, a notable number of asset managers, hedge funds, and investors are anticipating substantial growth in the digital assets sector over the next five years, according to a crypto report by Coalition Greenwich. The crypto report, conducted through interviews with 60 professionals, including portfolio managers, traders, analysts, researchers, and managing directors in the United States, the United Kingdom, and the European Union, provides insights into the industry’s outlook and strategies. Coalition Greenwich crypto report reveals key statistics The research, led by senior analyst David Easthope, reveals that 48% of the…

    Article 2023年9月25日

  • Crypto industry shaken as UK dives into new regulations by September

    TL;DR Breakdown Crypto businesses operating within the UK are mandated to adhere to the guidelines laid out by the Financial Action Task Force (FATF), specifically its Anti-Money Laundering and Counter-Terrorist Financing regulations, collectively referred to as the Travel Rule.  The FATF established the Travel Rule in 2012 for traditional financial institutions and extended it to VASPs in 2019. However, its implementation progress has been limited, with only 11 out of 98 surveyed countries enforcing the rule by 2022. The introduction of new marketing standards by the Financial Conduct Authority, set to come into force in October, has further increased the compliance burden on crypto businesses. Description The United Kingdom took a significant step towards aligning itself with global regulatory standards concerning the use of cryptocurrencies in 2022. The nation enacted legislation to ensure compliance with the extended Travel Rule, a framework designed to regulate cryptocurrency transactions and curb potential illicit activities. As of September 1, crypto businesses operating within the UK … Read more The United Kingdom took a significant step towards aligning itself with global regulatory standards concerning the…

    Article 2023年8月19日

  • Aptos Labs partners with Coinbase Pay to streamline Web3 onboarding

    TL;DR Breakdown Aptos Labs has integrated Coinbase Pay into its crypto wallet, Petra, to simplify the process of converting fiat currency into crypto and vice versa. The partnership aims to enhance the web3 user experience by offering multiple payment options, including bank transfers, debit and credit cards, and Coinbase account balances. Description In a significant move to simplify the entry into the web3 ecosystem, Aptos Labs has integrated Coinbase Pay into its crypto wallet, Petra. This collaboration aims to provide a seamless experience for users to exchange value within the Aptos ecosystem, whether they are accessing Petra via a mobile device or a web browser. The integration … Read more In a significant move to simplify the entry into the web3 ecosystem, Aptos Labs has integrated Coinbase Pay into its crypto wallet, Petra. This collaboration aims to provide a seamless experience for users to exchange value within the Aptos ecosystem, whether they are accessing Petra via a mobile device or a web browser. The integration allows users to add APT, Aptos Labs’ native token, to their Petra wallets through various…

    Article 2023年9月22日

  • Nexo debuts dual-function Mastercard for European citizens

    TL;DR Breakdown Nexo has introduced a unique Mastercard for European Economic Area (EEA) residents, featuring both debit and credit functionalities. The card offers up to 9% annual interest on stored balances and up to 2% cashback on credit lines. The company faces regulatory challenges, particularly in its home country of Bulgaria, where it has been scrutinized for alleged legal violations. Despite this, the card is EEA-exclusive and adheres to Know Your Customer (KYC) regulations. Description Nexo, a Bulgaria-based decentralized lending platform, has unveiled a Mastercard offering both debit and credit functionalities exclusively for European Economic Area (EEA) residents. This marks a significant step in financial innovation, aiming to provide a seamless experience for managing digital assets. Nexo’s card with debit and credit capabilities The Nexo Card allows transactions in multiple … Read more Nexo, a Bulgaria-based decentralized lending platform, has unveiled a Mastercard offering both debit and credit functionalities exclusively for European Economic Area (EEA) residents. This marks a significant step in financial innovation, aiming to provide a seamless experience for managing digital assets. The future of #crypto payments is…

    Article 2023年9月2日

  • Arbitrum Airdrop boosts On-Chain activity but fails to sustain new user growth

    TL;DR Breakdown Arbitrum airdrop indicates increased on-chain activity. Nansen’s data shows that transactions and daily users persisted at historically high levels even after the airdrop. The much-awaited Arbitrum airdrop, which aims to empower the community and decentralize the network, has increased on-chain activity, including transactions and daily users. Data shows a slow fall in the number of new wallets making their first transaction, despite the initial euphoria, indicating a struggle in maintaining new user growth. Arbitrum Airdrop drives On-Chain surge According to a report, an updated analysis from the on-chain analytics company Nansen describes what transpired with the Arbitrum network following its well-known airdrop event. The analytics firm examined how the airdrop affected the chain’s ecosystem, from maintaining the spike in users and transactions to a fall in new wallets making their first transaction.  The Arbitrum Foundation airdropped its brand-new token to qualified community members on March 23. The transition of the company into a decentralized autonomous organization (DAO), according to the company, was made possible by ARB tokens. have secured 6-figs of $ARB OTC at an avg. price of…

    Article 2023年6月17日
TOP