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Binance NFT Adds Support for Polygon (MATIC)

Binance NFT Adds Support for Polygon (MATIC)

Binance NFT, the nonfungible token platform of the exchange, has announced the inclusion of the Polygon network in its supported blockchains.

The move aims to expand the NFT ecosystem within the Binance community, allowing users of its NFT marketplace to trade NFTs on various blockchains like Ethereum, BNB Smart Chain, and now Polygon using their Binance accounts.


However, the exchange is keeping a strict approach to its NFT listings. It has highlighted that only selected ERC-721 NFT collections on the Polygon network are currently available on the Binance NFT marketplace.

In addition to the recent announcement, Binance has tightened its rules on NFT listings, announcing that it will delist NFTs with daily trading volume lower than $1,000. It will periodically review NFT listings, recommending those that do not meet its standards for delisting. Furthermore, the exchange has limited the number of NFTs artists can mint daily.

The NFT industry has been gaining popularity recently, with big names such as auction house Christie’s, fashion brand Gucci, and even the National Basketball Association (NBA) jumping into the market. As more and more investors flock to the NFT market, it is becoming increasingly important for reputable exchanges like Binance to maintain strict standards to protect users from potential fraud and scams.

READ MORE: Analyst Shares Warning About Bitcoin

Meanwhile, Binance is exploring the use of artificial intelligence (AI) in the Web3 space. Its CEO, Changpeng Zhao, recently announced the launch of the exchange’s AI-powered NFT generator called “Bicasso.”

However, the launch of Bicasso was marred by controversy, as a BNB Chain hackathon winner accused Binance of stealing and copying their project called “Chatcasso.” Despite the accusations, Binance maintains that Bicasso was developed independently more than two weeks before the hackathon.

Andrey Kunev

Reporter at CoinsPress

Andrey Kunev is a knowledgeable cryptocurrency content creator passionate about the crypto market. With extensive experience in market analysis and investment reporting, Andrey is a valuable asset to the CoinsPress team. As a frequent contributor, he offers insightful and comprehensive coverage of market trends, price fluctuations, and new advancements in cryptocurrency. Whether you're a seasoned investor or just getting started, Andrey's clear and concise writing offers a comprehensive look at the current state of the crypto market and its prospects. Stay up-to-date with CoinsPress's expert analysis and commentary on all things cryptocurrency.

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