Binance Integrated Polygon Network (MATIC) To Its NFT Platform

Binance's NFT platform is integrated into the Polygon network. (Photo; Doc. Today NFT News)

JAKARTA Binance, the world crypto exchange giant that already has an NFT trading platform, Binance NFT, was reportedly integrated with the layer-2 network, Polygon (MATIC) on March 8. That way, Binance NFT will connect to the Polygon network. NFT owners on the Polygon network can display it on NFT Binance.

This will allow users to explore and trade various kinds of NFTs on various blockchains, including BNB Smart Chain (BSC), Ethereum (ETH) networks, and Polygon from their Binance accounts.

Even so, Binance still chooses a cautious approach in terms of NFT listings. As described in the official blog post, only the NFT ERC-721 collection has been specifically selected on the Polygon network that will be available on the NFT Binance market. So far, ten collections have been added, with plans for integrating more collections on a regular basis in the future.

Not only that, users are also required to have genuine Polygon network tokens, namely MATIC, in their spot wallet to attract Polygon NFT. This is a requirement that users need to fulfill if they want to obtain NFT Polygon from Binance.

Last November, world soccer superstar Cristiano Ronaldo announced the launch of his NFT CR7 collection on the platform. However, Binance has tightened regulations regarding the NFT list since then.

The seller must now complete the knowledge of Your Customer (KYC) verification and have at least two followers before registering on this platform. Binance will also review the list of NFTs regularly and remove the list if found violating market rules.

Binance NFT emphasizes the importance of user safety and security in transactions. They also invite users to report NFT and NFT collections that have the potential to violate NFT Binance Service Mining and Provisions Rules to NFT Binance. The NFT Binance moderation team will actively investigate user reports about fraudulent or malicious content before taking the necessary action.

Through the Polygon network integration, NFT's Binance has expanded its scope in presenting various kinds of NFTs for users on various blockchains. Users interested in obtaining NFT Polygon from Binance are required to meet the requirements set by this platform, such as having a Polygon network native token, and fulfilling KYC verification as well as other requirements.