Binance NFT is discontinuing The Sandbox NFT Staking Program and suspending LAND NFT staking on the Polygon Network, with withdrawals and platform changes effective September 26, 2023.
Key Points
- Binance NFT will halt The Sandbox NFT Staking Program on September 26, 2023.
- Staking LAND NFTs on the Polygon Network will be suspended on the same date.
- Users who staked LAND NFTs will undergo automatic unstaking on September 27, 2023, with rewards distributed later.
- Binance NFT will cease support for the Polygon Network on September 26, 2023, and users must withdraw NFTs by December 31, 2023.
Binance NFT, a leading marketplace for non-fungible tokens (NFTs), has recently announced significant updates and changes to its platform.
Effective September 26, 2023, at 06:00 (UTC), the popular NFT marketplace will be halting The Sandbox NFT Staking Program. This decision comes as part of Binance NFT’s strategic plan to optimize its product line-up.
Important Update: Binance NFT Marketplace will be discounting The Sandbox NFT Staking Program and remove Polygon Network with effect from 2023-09-26 06:00 (UTC).
Read more ➡️ https://t.co/rnk78i0rTw
— Binance NFT (@TheBinanceNFT) September 8, 2023
Staking LAND NFTs on Polygon Network Suspended
As part of these changes, Binance NFT will suspend the staking of LAND NFTs, currently hosted on the Polygon Network, for daily SAND rewards. This suspension will take effect on September 26, 2023, at 06:00 (UTC).
All users who have staked their LAND NFTs on the platform will undergo an automatic unstaking process on September 27, 2023 (UTC).
Binance NFT has assured users that their staked LAND NFTs will be returned to their Binance accounts by September 28, 2023, at 02:00 (UTC). The final distribution of daily SAND rewards will occur after this time.
Mandatory Withdrawal of NFTs on Polygon Network
In addition to the suspension of the staking program, Binance NFT has also announced that it will cease support for the Polygon Network starting from September 26, 2023, at 06:00 (UTC).
This means that Binance NFT Marketplace users who hold NFTs on the Polygon Network are advised to complete their withdrawals before December 31, 2023, at 23:59 (UTC).
After this deadline, any activities such as buying, depositing, offering, or listing NFTs from the Polygon Network on Binance NFT Marketplace will be restricted.
All existing listings connected to the Polygon Network will be automatically nullified as of September 26, 2023, at 06:00 (UTC), and the associated NFTs will be returned to the users’ accounts by September 28, 2023, at 02:00 (UTC).
Concluding Thoughts
Binance NFT recognizes the potential inconvenience these changes may cause and extends its apologies to the affected users. They encourage users to reach out to Binance’s Customer Support or consult the platform’s guides for further clarity on these matters.
It is important to note that the content of this article is for informational purposes only and should not be taken as financial advice.
Individuals should always consult with a financial professional before making any decisions.
