Binance NFT Marketplace now supports Polygon Network
- 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 buy, withdraw and deposit NFTs from the Polygon network on the Binance NFT Marketplace.
Polygon is making the rounds in the blockchain ecosystem for some of its upcoming foundational projects as well as the recently achieved partnerships. Most recently, the blockchain network reached a new milestone after Binance, a leading crypto exchange, made a major announcement on March 8.
According to the announcement published on Binance’s official website, the Binance NFT marketplace now supports the Polygon network. The Polygon network is now added to the list of supported chains. This is especially beneficial for Binance, which is continuously expanding the NFT ecosystem for its community.
Users are also bound to benefit from the recent move, as they now get the ability 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 the Polygon network further elevates Binance NFT into a multi-chain open marketplace ecosystem, where users can now explore and trade a wider variety of NFTs across multiple blockchains, including the BNB Smart Chain (BSC), Ethereum (ETH) network , and Polygon (MATIC) network, from their Binance accounts.
Binance highlights key benefits that users should look for
Some key benefits that the new development presents include enabling the purchase, deposit 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 currently only select ERC-722 NFTs listed on the Polygon network are available on the Binance NFT Marketplace. But in the long term, users can expect to see an integration of multiple NFT collections on a frequent basis.
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Additionally, only a select few Polygon NFT contract addresses are 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 have MATIC tokens in their spot wallet.
Binance also reveals interest in partnering with other leading NFT projects on the Polygon network, and invites interested parties to get in touch. The network remains committed to expanding its NFT marketplace, as such new projects are likely to be announced in the future.
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