Cryptocurrency exchange Binance’s non-fungible token offshoot Binance NFT has announced the addition of support for the Polygon network on March 8.
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, and Polygon from its Binance account.
Despite the announcement, Binance is taking a cautious approach to NFT listings. As a result, the market says not all NFT collections are currently available.
According to the official blog post, only a curated collection of ERC-721 NFTs on the Polygon network will be available on the Binance NFT marketplace.
So far, ten collections have been added. The platform plans to integrate more content on a regular basis. In addition, users also need to hold the native token MATIC of the Polygon network in their spot wallets to withdraw Polygon NFT. The news comes more than a month after Binance released an update to tighten its rules around NFT listings.
It makes it mandatory for sellers to complete know-your-customer (KYC) verification and have at least two followers before listing on its platform.
Binance also stated that it will regularly review NFT listings and will delist them if found to violate market rules. “Users can report to Binance NFT NFTs and NFT collections that may violate Binance NFT’s minting rules and terms of service. The moderation team will actively investigate any user-reported fraudulent or malicious content before taking necessary action.” Last November, soccer icon Cristiano Ronaldo announced the launch of his CR7 NFT collection on the platform.
