Unifred Unifred 10.03.2023

Binance NFT Marketplace Adds Support for Polygon

Cryptocurrency exchange Binance announced the integration of the Polygon network into its NFT marketplace. In a recent press release, the exchange noted that users can now buy, deposit, withdraw, and list Polygon-based NFTs on the platform. 

With the latest addition, the marketplace now supports three chains, including BNB Chain, Ethereum, and Polygon. However, traders can only access selected Polygon-based ERC-721 NFTs at the moment, while Binance plans to integrate more collections in the near future. 

It’s also worth noting that users should hold MATIC or any token in their spot wallets to trade NFTs on the Binance NFT Marketplace. It’s also obligatory to hold MATIC in their spot wallets if they want to withdraw Polygon NFTs.

The latest development comes a few months after the marketplace adjusted its listing rules "to prevent the creation of low-quality NFTs and misuse of this feature." These changes include taking down NFT collections with an average monthly transaction volume lower than $1,000 equivalent. 

As part of the adjustment, verified users with at least two followers on the marketplace can only mint up to five NFTs daily. In addition, creators will be restricted from “withdrawing their funds from their first NFT transaction for ten days” when they mint unverified NFT collections on the platform.

Meanwhile, Binance continues its pursuit of a multi-chain future with Polygon integration into its marketplace. This move is likely to onboard new audiences and unlock access to a broader range of assets for collectors. 

Expanding the list of chains is now a growing trend in the NFT industry as more and more marketplaces such as OpenSea, Magic Eden, and others follow it.