Binance NFT has just made it official that they have tapped a partnership with a blockchain network to support its marketplace for non-fungible tokens (NFT).
Binance NFT is the subsidiary of the Binance exchange that has been formed to deal with non-fungible tokens.
The platform has announced that it has integrated the Polygon network into its marketplace. This way, it has added more support and convenience for the users.
For a while, Binance has wanted to expand its ecosystem and it has wanted to do the same for the NFT ecosystem. The platform is confident that the addition of the Polygon network would help it tremendously in achieving this goal.
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Utility for Binance Users
With the integration of the Polygon network, things are to become very interesting and promising for the users.
The users will have access to a great level of utility and freedom when interacting with non-fungible tokens offered through Binance NFT.
Now that the Polygon network has been integrated, the users will be able to interact with Binance NFT through multiple blockchain networks.
The users will have the ability to trade and exchange in NFTs using multiple blockchain networks. As of now, the multiple blockchain networks Binance NFT supports include Polygon, BNB Smart Chain, and Ethereum.
The users will be able to interact with these blockchains without having to use different accounts. They can simply do it using their Binance accounts.
Restriction on Binance NFTs
The exchange officials have announced that despite adding the new blockchain, the users will not have access to all of the NFTs offered through the Binance NFT marketplace.
The exchange is going to keep things very strict and ensure that they offer them once they have gone through all the checks.
The platform is very vigilant with the non-fungible token listings. The marketplace has announced that the users will not have access to all of the non-fungible tokens that they have to offer.
The announcement by Binance NFT
Binance NFT itself is very strict when it comes to the listing of NFTs. They have announced that they will not be listing all the non-fungible tokens through their marketplace.
Instead, they will list the non-fungible tokens that are part of the ERC-721 NFT Collections. Going forward, they will be adding more non-fungible token collections to their marketplace.
They will be doing this on a regular basis so the users have access to an abundance of NFTs.
Strict Policies for NFT Listings
It was on January 19, when Binance NFT made an announcement pertaining to the listing of the new NFTs. They announced the implementation of strict policies and rules when listing new NFTs on their platform.
The marketplace imposed a minimum trading limit for NFTs on a daily basis, revealing that the NFTs not meeting the criteria would be delisted.
According to the officials, there is a minimum trading volume limit of $1,000 per day. If a particular NFT collection’s daily trading volume is lower than the benchmark, it will be delisted after a certain reviewing process.
On top of that, the platform has also implemented a restriction over the minting of the NFTs on a daily basis by the artists.
The new implementation clearly states that the creators will not be able to mint more than one NFT on any given day.
Binance has confirmed that it will be reviewing the listings of the NFTs on a periodic basis. If the NFTs do not meet the standards and the policies they have set, they will simply be delisted.
Binance Wants to Explore AI
In addition to the NFTs, Binance wants to expand its ecosystem in the latest technologies and segments within the cryptocurrency industry.
The exchange had already entered the Web3 space and as artificial intelligence (AI) has started to find its way to Web3, it wants exposure there as well.
