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Binance NFT, the branch of Binance dealing with non-fungible tokens trading, announced the inclusion of the Polygon network into its marketplace. The marketplace now supports the BNB Smart Chain, the Ethereum network, and the Polygon network as a result of this integration.
Notwithstanding the news, Binance continues to take a stringent approach to its NFT listings. The NFT marketplace made it clear in the announcement that not all NFT collections will be accessible immediately.
They stated that it was only open to selected ERC-721 NFT collections on the Polygon network. So far, ten collections have been added, although the platform stated it would be adding new collections “on a regular basis.”
The announcement comes more than a month after Binance tightened its restrictions concerning NFT listings. At that time, it restricted the number of NFTs that artists may mint each day and delisted NFTs with a daily trading volume of less than $1,000.
The exchange also checks NFT listings regularly and suggests delisting any that don’t adhere to its requirements. At the same time, it claimed that it is keen on working with top-notch NFT projects on the Polygon network and that projects that are interested in doing so are encouraged to get in touch with them.
Binance NFT Expands Its Supported Blockchains to Polygon
The Binance NFT Marketplace is a platform where users may exchange unique virtual products, including collectibles, music, artwork, and videos, in NFTs. With the inclusion of the Polygon Network, the Binance NFT Marketplace has made tremendous advancements in building an all-encompassing NFT ecosystem and is now able to provide traders and collectors with a wider variety of NFTs.
This also presents more opportunities for the massively growing non-fungible token (NFT) space, giving users the potential to benefit from the high throughput, faster transactions, and lower gas fees offered by the polygon network.
In comparison to Ethereum, Polygon has substantially lower gas costs and virtually zero transaction fees. It also provides a variety of layer 2 scaling solutions that enable fast and low-cost transactions.
More platforms will certainly integrate with other networks as the NFT market develops, increasing chances for collaboration and broadening the NFT ecosystem.
Meanwhile, users must have the Polygon network’s native token, MATIC, in their spot wallets in order to withdraw Polygon-based NFTs, according to Binance NFT. MATIC is currently the 9th largest cryptocurrency in terms of market cap, trading at $1.06, a 6.07% nosedive in the last 24 hours.