Breaking: Binance NFT marketplace now supports Polygon Network in an effort to expand its NFT ecosystem

  • The integration allows users can buy, deposit, withdraws, as well as list NFTs from the Polygon blockchain onto the Binance NFT marketplace.
  • Binance also unveiled its AI-powered NFT generator tool Bicasso using which users can type creative prompts and produce unique images.

Crypto exchange Binance’s non-fungible tokens (NFT) wing – Binance NFT – announced that it has added support for the Polygon blockchain. Thus Polygon will be one more among the many blockchains supported by the Binance NFT marketplace.

With this latest integration, users of the Binance NFT marketplace will be able to trade NFTs on several different blockchains like Ethereum, Polygon, and BNB Smart Chain, just through their Binance accounts. The announcement notes that the move will further expand the NFT ecosystem within the Binance community. Also, the official announcement from Binance reads:

The integration of Polygon network further elevates Binance NFT to a multi-chain, open marketplace ecosystem, where users can now explore and trade a wider variety of NFTs across multiple blockchains, including BNB Smart Chain (BSC), Ethereum (ETH) network, and Polygon (MATIC) network, from their Binance accounts.

With this announcement, users can buy, deposit, withdraws, as well as list NFTs from the Polygon blockchain onto the Binance NFT marketplace. Also, by holding MATIC in the spot wallets, users can trade NFTs directly on the Binance NFT marketplace. However, to withdraw the Polygon NFTs, users still need to hold MATIc in their spot wallets.

Binance noted that for now, the Binance NFT marketplace supports trading of only selected ERC-721 NFT Collections on the Polygon network. They plan to integrate more NFT collections going ahead.

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Binance’s Strict Approach to NFT Listings

When it comes to listing NFTs on the marketplace, crypto exchange Binance is taking a strict approach. Earlier this year in January, the Binance NFT marketplace, tightened its rules on NFT listings. binance said that it would be delisting NFTs with daily trading volumes less than $1,000.

Furthermore, the exchange also limited the total number of non-fungible tokens (NFTs) that artists can mint per day. Binance also stated that it would review its NFT listing periodically and would also recommend delisting those that do not meet its standards.

Crypto exchange Binance is also experimenting with the growing curiosity for Artificial Intelligence (AI) in the Web3 space. Earlier this month in March, Binance unveiled its AI-powered NFT generator tool Bicasso. Using this, users can type creative prompts and produce unique images. Furthermore, they can also upload their own image for Bicasso to adapt. Speaking on the development, Binance chief Changpen Zhao tweeted:

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Here’s a fun new Binance AI product called Bicasso. You can turn your creative visions into NFTs with AI. Give it a try and show me what you make with it. Beta version live now, limited to 10k mints.

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About Author

Bhushan is a FinTech enthusiast and holds a good flair for understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In his free time, he reads thriller fictions novels and sometimes explores his culinary skills.

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