Binance, the world’s leading cryptocurrency exchange, has announced the addition of support for the Polygon network on its NFT marketplace. The blog post states that the community has made this move to expand the NFT ecosystem.
The exchange has also enhanced its proof-of-reserves (PoR) system with 11 additional tokens, making a total of 24, to ensure transparency and security for investors and traders. The inclusion of these tokens has increased Binance’s reserves to over $63 billion from its original introduction in late 2022.
Binance NFT Marketplace Expands
The integration of the Polygon network into the exchange’s NFT marketplace has elevated it to a multi-chain, open marketplace ecosystem. This capability has allowed users to discover and exchange a greater selection of NFTs on various blockchains. However, these blockchains include BNB Smart Chain (BSC), Ethereum (ETH) network, and Polygon (MATIC) network, all from their Binance accounts.
Users can now enjoy multiple benefits with the new addition. Exchange’s NFT Marketplace enables direct purchase, deposit, withdrawal, and listing of NFTs from the Polygon network. Additionally, users can trade NFTs by holding MATIC or any other token in their spot wallets. Currently, only a few ERC-721 NFT Collections on the Polygon network are featured on the exchange NFT Marketplace.
However, the exchange plans to add more NFT collections regularly. To withdraw Polygon NFTs, users must hold MATIC in their spot wallets. Binance NFT has shown interest in partnering with high-quality NFT projects on the Polygon network. The exchange invites interested parties to reach out to its NFT website, as the blog post mentions.
Additionally, the blog post stated that users who wish to list and trade NFTs on the Binance NFT Marketplace are required to complete identity verification. Any Binance accounts showing signs of fraudulent behavior may be suspended, frozen, or canceled at Binance’s discretion.
Nevertheless, this move by the leading crypto exchange to integrate the Polygon network into its NFT marketplace will greatly expand the opportunities for users “to explore and trade a wider variety of NFTs across multiple blockchains.”
In its blog post, Binance NFT has promised to continue integrating more platforms and blockchains into its marketplace. It also plans to optimize its features to expand the range of its offering.