There are several recent developments to note in the crypto space, including Binance’s collaboration with authorities to launch an anti-scam campaign and the Shanghai upgrade hard fork.
Also, among these ongoing developments is the inclusion of the Polygon network in the Binance NFT marketplace.
Binance NFT, the non-fungible token (NFT) marketplace of cryptocurrency exchange Binance, announced that it is adding support for the Polygon network to its marketplace.
This move is aimed at providing Binance NFT users with access to a wider range of NFTs and increasing the marketplace’s liquidity.
Binance NFT Includes Polygon Support To Its Marketplace
Polygon, formerly known as Matic Network, is a Layer 2 scaling solution for Ethereum that aims to offer faster and cheaper transactions.
By adding support for this network, Binance NFT will enable its users to buy and sell NFTs using the Polygon network, which offers faster transaction times and lower gas fees than the Ethereum network.
According to the announcement, Binance NFT users can use the Polygon network to mint and trade NFTs, and Polygon-based NFTs will be available for purchase on the Binance NFT marketplace.
This integration is expected to increase the liquidity of the Binance NFT marketplace, as users will have access to a wider range of NFTs and can trade them more easily.
Binance NFT is a relatively new player in the NFT space, having launched in July 2017.
Since then, the platform has rapidly grown in popularity, with a wide range of NFTs available for purchase, including digital art, gaming items, collectibles, and more.
With the addition of support for the Polygon network, Binance NFT is expected to become an even more attractive option for NFT buyers and sellers.
Binance Maintains Its Strict NFT Rules
In a move that contradicts the announcement from Binance, the platform still holds on to its strict rules regarding its NFT listings.
It noted in the announcement that although its NFT marketplace will support the polygon network, it will not list some NFT collections for its users.
This is not the first time the exchange is displaying such a strict move on its NFT listing.
Binance also showed some NFT tightening rules on January 19, when it noted that it would remove some of these token collections with low trading volumes from its listing.
Binance also revealed that it would keep carrying out a periodic review of its NFT collections to identify the ones that meet its requirements for remaining on the list.
The platform has also limited the daily number of mint-able tokens, as per data from the reports.
Meanwhile, the price of Polygon has declined by 4.01% in the past 24 hours, according to CoinMarketCap’s data.
Its current price at the time of writing stands at $1.09, with a 24-hour trading volume of more than $524 million.
Furthermore, the integration of Polygon into the Binance NFT marketplace is another example of the growing popularity of NFTs and the increasing interest in using blockchain technology to facilitate the trading of unique digital assets.
But it’s still uncertain how the addition of Polygon support will impact the Binance NFT marketplace and the broader NFT ecosystem.
Nevertheless, this move will provide Binance NFT users with new opportunities to engage with and trade NFTs.
