Binance NFT Announces Integration With Polygon Network

Cryptocurrency exchange Binance’s non-fungible token arm – Binance NFT – has announced adding support for the Polygon network on March 8th.

The integration of the Polygon network will enable users to explore and trade a wider variety of NFTs across multiple blockchains. This includes – BNB Smart Chain (BSC), Ethereum (ETH) network, as well as Polygon from their Binance accounts.

• Despite the announcement, Binance has taken a cautious approach in terms of NFT listings. As such, the marketplace said that not all NFT collections would be available at the moment.
• According to the official blog post, only handpicked ERC-721 NFT Collections on the Polygon network are available on the Binance NFT marketplace.
• So far, ten collections have been added. The platform plans to integrate more on a regular basis.
• Moreover, users are also required to hold Polygon network’s native token, MATIC, in their spot wallets to withdraw Polygon NFTs.
• The news comes more than a month after Binance released an update tightening its rules regarding NFT listings.
• It rendered mandatory for the sellers to complete Know Your Customer (KYC) verification and have at least two followers before listing on its platform.
• Binance also said it will periodically review the NFT listings and delist if found to be violating the marketplace’s rules.

“Users can report NFTs and NFT collections that potentially violate Binance NFT’s Minting Rules and Terms of Service to Binance NFT. The moderation team will actively investigate any user report of fraudulent or malicious content before taking the necessary action.”

• Last November, Football icon Cristiano Ronaldo announced launching his CR7 NFT collection on the platform.