The NFT market continues to lose value as time goes on. Many NFT owners have stopped trading due to unfavorable market conditions, and this situation has been reported by popular data analysis platforms. Binance, the world’s largest cryptocurrency exchange, and its subsidiary Binance NFT made a decision on September 8th that caught everyone’s attention, and there is only one day left until the deadline they gave to their users expires.
According to a statement published on Binance’s official website on September 8th, Binance announced that it will soon end its support for Polygon-based NFTs. While the reason for this decision is still unknown, Binance NFT cited the need to organize their product offerings on the platform in a blog post.
During the past two months, NFT enthusiasts no longer want to spend tens of dollars on transactions on the Ethereum network, as it does not generate as much profit as before. Therefore, especially large NFT collections that have accumulated significant investments are opting for the Polygon network.
However, no matter how cautiously project teams act, the hype eventually fades, and this leads to the project being put on the back burner over time. The constant occurrence of such stories may have started to bother the Binance NFT team.
Another issue that arose after all these developments was that the stake service for The Sandbox NFT offered on the Binance NFT platform will also end tomorrow morning at 09:00. Starting tomorrow morning, Land NFTs based on Polygon will be sent to users’ wallets for them to earn SAND tokens.
With the end of the stake program, the Binance NFT team has given Polygon-based NFT owners until December 31st. During this period, users must withdraw the NFTs they have listed on the platform to their wallets.
In the announcement made on September 8th, the Binance NFT team stated that more details would be provided to users. However, no further statement was made, which caused many discussions. As the NFT market continues, it is uncertain how long this process will continue, and there is no trace left of the period in 2021 when millions were flying in the air.