Binance NFT Adds Polygon Network Support for Marketplace Trading
Terrill Dicki Mar 09, 2023 09:24
Binance NFT has expanded its marketplace by adding support for Polygon network, allowing users to trade NFTs using their Binance accounts. However, only selected ERC-721 NFT Collections on the Polygon network are currently available on the platform, with more to be integrated regularly. Binance also tightened its rules on NFT listings, delisting those with daily trading volume lower than $1,000 and limiting the number of NFTs artists can mint per day. Binance is also exploring AI with the launch of its AI-powered NFT generator, "Bicasso," which minted 10,000 NFTs in just 2.5 hours.
Binance NFT, the non-fungible token (NFT) arm of the popular cryptocurrency exchange Binance, has announced the inclusion of the Polygon network as one of the supported blockchains in its marketplace. The move is part of Binance's efforts to expand the NFT ecosystem within its community and allow users to trade NFTs on various blockchains like Ethereum, BNB Smart Chain, and now Polygon, using their Binance accounts.
However, Binance is still maintaining a strict approach to its NFT listings, as not all NFT collections are currently available on the platform. Binance NFT clarified that only selected ERC-721 NFT Collections on the Polygon network are available on the marketplace at the moment, and more NFT collections will be integrated regularly.
In January, Binance NFT tightened its rules on NFT listings, delisting NFTs with daily trading volume lower than $1,000 and limiting the number of NFTs that artists can mint per day. The exchange also periodically reviews NFT listings and recommends those that do not meet its standards for delisting.
Apart from its efforts to expand its NFT marketplace, Binance is also exploring the use of artificial intelligence (AI) in the Web3 space. On March 2, Binance CEO Changpeng Zhao announced the launch of "Bicasso," an AI-powered NFT generator that minted 10,000 NFTs in just 2.5 hours. The move highlights Binance's interest in exploring the potential of AI in the NFT space.
Overall, the inclusion of the Polygon network in Binance NFT's supported blockchains is a significant step towards expanding the NFT ecosystem within the Binance community. However, the platform's strict approach to NFT listings shows its commitment to maintaining high standards of quality and ensuring that only the best NFT collections are available to its users. With its foray into AI-powered NFTs, Binance is also showcasing its willingness to explore new technologies and push the boundaries of what is possible in the Web3 space.
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