Binance NFT has announced the discontinuation of The Sandbox NFT Staking Program on the Polygon network. This decision, set to take effect on September 26, 2023, at 06:00 (UTC), was made after careful consideration and evaluation, marking a notable change in the platform’s operations.
Effective from September 26, 2023, at 06:00 (UTC), Binance NFT users will no longer be able to stake their LAND NFTs hosted on the Polygon Network to earn daily rewards in The Sandbox’s native cryptocurrency, SAND. All LAND NFTs currently staked on Binance NFT Marketplace will be automatically unstaked on September 27, 2023 (UTC), and these assets will be returned to users’ Binance accounts after September 28, 2023, at 02:00 (UTC). This marks the conclusion of the staking program and the distribution of daily SAND rewards.
In addition to ending the staking program, Binance NFT will remove support for the Polygon Network altogether from September 26, 2023, at 06:00 (UTC) onward. Users who have NFTs hosted on the Polygon Network within the Binance NFT Marketplace are advised to withdraw their assets via the Polygon Network by December 31, 2023, at 23:59 (UTC).
This transition will impact various aspects of the marketplace. After September 26, 2023, at 06:00 (UTC), users may no longer be able to buy, deposit, offer, or list NFTs from the Polygon Network on Binance NFT Marketplace. All affected listings will be automatically canceled at this time, and the corresponding Polygon Network NFTs will be returned to users’ accounts after September 28, 2023, at 02:00 (UTC).
The discontinuation of The Sandbox NFT Staking Program and the removal of support for the Polygon Network will undoubtedly have an impact on users who have been actively participating in these offerings. It is crucial for affected individuals to take note of the specific dates mentioned in the announcement to ensure a smooth transition of their assets.
Binance NFT has indicated that further details will be provided to impacted users at a later date. This will likely include information on the withdrawal process and any potential alternatives that may be offered to users moving forward.
Binance NFT’s decision to discontinue The Sandbox NFT Staking Program and remove support for the Polygon Network appears to be part of a broader strategy to streamline its product offerings and align its services with changing market dynamics. This move may pave the way for new offerings or adjustments to existing services within the Binance NFT ecosystem.
Source: https://azcoinnews.com/binance-nft-to-remove-polygon-network-support-and-staking-program.html
