- Binance has officially made an announcement revealing that the Polygon network is now supported by the Binance NFT marketplace.
- Binance offers some key benefits, including the ability for users to purchase, withdraw and deposit NFTs from the Polygon network on the Binance NFT marketplace.
Polygon is making rounds in the blockchain ecosystem for some of its upcoming fundamental projects, as well as its recently attained partnerships. Most recently, the blockchain network has hit a new milestone after Binance, a leading crypto exchange, made a major announcement on the 8th of March.
According to the announcement published on Binance’s official website, the Binance NFT marketplace now supports the Polygon network. The Polygon network has now been added to its list of supported chains. This is particularly beneficial for Binance, which is continuously stretching the NFT ecosystem for its community.
Users are also bound to benefit from the recent move, as they are now given the opportunity to explore and trade with a larger pool of non-fungible tokens (NFTS) across a variety of blockchain networks. Binance users can now trade NFTs on three leading Blockchain networks. This can be done directly from their Binance accounts. The announcement noted.
The integration of Polygon network further elevates Binance NFT to a multi-chain, open marketplace ecosystem, where users can now explore and trade a wider variety of NFTs across multiple blockchains, including BNB Smart Chain (BSC), Ethereum (ETH) network, and Polygon (MATIC) network, from their Binance accounts.
Binance highlights key benefits that users should look out for
Some key benefits that the new development presents include enabling the buying, depositing and withdrawal of NFTs from the Polygon network on the Binance NFT marketplace. Users can also list NFTs from the Polygon network on the Binance NFT Marketplace. Users who currently hold the Polygon (MATIC) token in their Binance spot wallets will be able to trade NFTs on the Binance NFT Marketplace.
It is also worth noting that at present, only selected ERC-722 NFTs listed on the Polygon network are available on the Binance NFT Marketplace. However, in the long term, users can expect to see an integration of more NFT collections on a frequent basis.
Additionally, there are only a select few Polygon NFT contract addresses supported on Binance. Binance has listed 10 on its FAQ page, and intends to increase the list in the long term. To be eligible to withdraw Polygon NFTs, Binance users must hold MATIC tokens in their spot wallet.
Binance also reveals interest in partnering with other leading NFT projects on the Polygon network, and calls for interested parties to reach out. The network remains committed to expanding its NFT marketplace, as such, new projects are likely going to be announced in the future.
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