Binance officially announces the NFT drops of Sandbox NFT Staking and introduces support for the popular Polygon Network. This move by Binance aims to enhance the NFT ecosystem, providing users with new and exciting opportunities to stake their Sandbox NFTs and leverage the capabilities of the Polygon Network. The addition of Polygon Network support brings seamless and cost-effective transactions for Binance users, offering greater accessibility and efficiency in the NFT space. Stay tuned for upcoming NFT drops and explore the possibilities of staking Sandbox NFTs on Binance.
Binance Announces Withdrawal of Support for The Sandbox NFT Staking Program and Polygon Network
Binance, a leading cryptocurrency exchange, has recently announced that it will be withdrawing support for The Sandbox NFT Staking Program and the Polygon Network, effective September 26, 2023. This decision comes after a careful evaluation and consideration of their offerings.
Binance NFT aims to provide its customers with a streamlined and customized experience. As part of their periodic review and evaluation process, they add or remove partners based on various factors, with the main objective being to optimize their offering lineup.
Starting on September 26, 2023, Binance NFT will begin the process of locking the listing, followed by a return period and an unstaking mechanism. The support for The Sandbox Staking Program on the Polygon Network will cease on September 26, 2023, at 6:00 UTC. Users who have staked portions on the network will have their assets returned on specific dates determined by Binance NFT.
For users who have staked their LAND NFTs on the network, these will be automatically unstaked on September 27, 2023, and returned to their respective Binance accounts. Rewards in the form of SAND tokens will be distributed after September 29, 2023. If users encounter any discrepancies during this process, they are encouraged to reach out to the Binance NFT support team for assistance.
On September 26, 2023, Binance will withdraw its support for the Polygon Network at 6:00 UTC. To mitigate any potential issues, users are advised to withdraw their digital tokens from the network by the end of this month. Binance will establish communication with impacted users following the withdrawal of support.
After the aforementioned date, users will no longer be able to buy or sell their NFTs on the Polygon Network. Any listings affected by this action will be canceled on September 26, 2023, at 6:00 UTC.
Binance NFT has established a straightforward withdrawal process for NFTs. Users are required to complete ID verification before initiating the withdrawal. Once verified, they can log in to their Binance NFT accounts and navigate to the Profile section, where they can choose the Withdraw option. From there, users can proceed to withdraw either an NFT or a mystery box.
Binance is widely recognized as one of the most reputable crypto ventures globally, boasting an average daily trading volume of $65 billion and offering 24/7 customer support. Its product portfolio includes Binance Exchange, Binance Labs, Binance Academy, Binance Research, and Binance NFT.
This recent development follows Binance’s integration of Ethereum on the zkSync Era Network, granting users access to deposit and withdrawal functionalities. Due to the finality mechanics of the zkSync Era, deposits may take up to 24 hours to reflect in users’ Binance accounts. The announcement regarding this integration was made on September 7, 2023.
In conclusion, Binance NFT will no longer support The Sandbox NFT Staking Program and the Polygon Network starting from September 26, 2023. The subsequent process of unstaking and returning assets will be conducted automatically to ensure a seamless experience for users.