March 22, 2023

Binance NFT Adds Support for Polygon Network, Expanding NFT Trading Options

Binance NFT, the non-fungible token arm of cryptocurrency exchange Binance, has announced the addition of support for the Polygon network. The integration of Polygon will allow users to explore and trade a wider variety of NFTs across multiple blockchains, including BNB Smart Chain, Ethereum, and Polygon from their Binance accounts.

However, Binance has taken a cautious approach to NFT listings, stating that not all NFT collections will be available at the moment. Only handpicked ERC-721 NFT collections on the Polygon network are currently available on the Binance NFT marketplace, with ten collections added so far. The platform plans to integrate more on a regular basis.

In addition, users are required to hold Polygon network’s native token, MATIC, to participate in the NFT trading on the Polygon network. This requirement is in line with Binance’s efforts to promote the use of native tokens on various blockchains.

The addition of Polygon support is a significant move for Binance NFT, as it expands the platform’s offerings and provides users with more options for NFT trading. With the growing popularity of NFTs, Binance NFT’s move to integrate with Polygon is expected to attract more users to the platform and increase trading volume.

Binance NFT’s cautious approach to NFT listings is also a positive sign for the industry, as it shows that the platform is taking steps to ensure the quality and authenticity of the NFTs being traded on its marketplace. As the NFT market continues to grow, it is important for platforms to maintain high standards to protect both buyers and sellers.

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