Binance’s non-fungible token arm, cryptocurrency exchange Binance NFT, announced that it will add support for the Polygon network on March 8.
The integration of the Polygon network will allow users to explore and trade a wider variety of NFTs on multiple blockchains. This includes: BNB Smart Chain (BSC), Ethereum (ETH) network, as well as Polygon from their Binance accounts.
- Despite the announcement, Binance has taken a cautious approach in terms of NFT listings. As such, the marketplace said that not all NFT collections would be available at this time.
- According to the official blog Post, Only carefully selected ERC-721 NFT collections on the Polygon network are available on the Binance NFT marketplace.
- So far, ten collections have been added. The platform plans to integrate more on a regular basis.
- In addition, users must also have the native Polygon network token, MATIC, in their spot wallets to withdraw Polygon NFTs.
- The news comes more than a month after Binance launched a update tightening its rules regarding NFT listings.
- It made it mandatory for sellers to complete Know Your Customer (KYC) verification and have at least two followers before being listed on its platform.
- Binance also said that it will regularly review NFT listings and remove them if found to be violating market rules.
“Users can report NFTs and NFT collections that potentially violate the Binance NFT Minting Rules and Terms of Service to Binance NFT. The moderation team will actively investigate any user reports of fraudulent or malicious content before taking any action.”
- Last November, soccer icon Cristiano Ronaldo announced the launch of his CR7 NFT collection on the platform.
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