Binance NFT, the non-fungible token arm of cryptocurrency exchange Binance, has announced that its users can now purchase, deposit, withdraw, and list NFTs from the Polygon network on its marketplace as of March 8th.
By integrating the Polygon network, users can access a wider range of NFTs across different blockchains, including the BNB Smart Chain, Ethereum, and Polygon networks via their Binance accounts. However, Binance has chosen to list only handpicked ERC-721 NFT collections from the Polygon network at the moment. Currently, there are ten collections available, with more to be added regularly.
Users must hold the Polygon network’s native token, MATIC, in their spot wallets to withdraw Polygon NFTs. Binance has also updated its NFT listing rules to mandate that sellers complete KYC verification and have at least two followers before listing on its platform. The marketplace will periodically review NFT listings and delist them if found to be violating its rules.
The Polygon network, previously known as the Matic Network, is a layer-2 scaling solution built on Ethereum that aims to improve scalability and reduce transaction fees. The network has gained significant attention in recent months due to its growing popularity among DeFi and NFT projects.
Binance, one of the world’s largest cryptocurrency exchanges, launched its NFT marketplace in June 2021, and it has since become a popular platform for buying and selling NFTs. The marketplace features a range of NFTs, including art, music, collectibles, and gaming assets.
With the integration of the Polygon network, Binance NFT aims to offer its users access to a wider range of NFT collections, including those from projects that have chosen to use Polygon as their primary blockchain.
The addition of Polygon to Binance NFT is also expected to increase the interoperability between different blockchain ecosystems, making it easier for users to trade NFTs across multiple networks without having to pay high gas fees.
Overall, the integration of Polygon on the Binance NFT marketplace is a significant development that could potentially help drive the adoption of NFTs by making them more accessible to a wider range of users.