key takeaways:
- Binance NFT will discontinue The Sandbox NFT Staking Program on September 26, 2023, at 06:00 (UTC).
- As per the exchange, the decision follows a thorough evaluation process to streamline product offerings on Binance NFT Marketplace.
In the ever-evolving landscape of cryptocurrencies and blockchain technology, Binance‘s recent decision to terminate its support for Polygon NFTs and the Sandbox NFT Staking Program has generated significant interest within the industry.
Binance NFT, the non-fungible token project affiliated with the crypto exchange Binance, has officially announced its intention to discontinue the staking program for the NFT project The Sandbox on September 26.Ā
Furthermore, on the day following the support’s termination, all locked LAND tokens will undergo automatic deactivation and be returned to their respective owners within a 24-hour window. Additionally, the platform has revealed its plans to cease support for the Polygon network.
Users are now required to withdraw their NFTs from Binance’s Polygon network by December 31. Starting September 27, all LAND NFTs that are currently staked on the Binance NFT Marketplace will be automatically unstaked and returned to the respective users’ Binance accounts.
Although the specific motivations driving these changes have not been explicitly outlined, Binance has mentioned a thoughtful and evaluative process as the driving force behind these decisions. This strategic move is perceived as part of Binance’s ongoing commitment to “streamline product offerings on Binance NFT Marketplace.“
The process of withdrawing NFTs from Binance is remarkably straightforward. Users are required to undergo an ID verification process before initiating their withdrawal. Once the verification is successfully completed, users can follow these steps:
- Log in to their Binance NFT accounts on the Binance platform.
- Navigate to the Profile section within their accounts.
- Choose the Withdraw option from the menu.
From there, users can proceed to withdraw either an NFT or a mystery box, depending on their preferences.
The trading platform’s representatives have not yet disclosed the specific reasons behind their decision to suspend support for these two projects. However, they have assured their users that they will offer more comprehensive information at a later time. It’s worth noting that Binance had previously acquired virtual real estate within The Sandbox gaming space in 2020, and Binance NFT had introduced support for the Polygon network in March of this year.
