NFT

Binance NFT adds Polygon network support to its marketplace

03/08/2023
Bitcoin Ethereum News

Binance NFT, the nonfungible token (NFT) arm of crypto exchange Binance, has announced that the Polygon network has been included in its supported blockchains within the marketplace. 

According to the announcement, the move further expands the NFT ecosystem within the Binance community. With the new integration, users of the Binance NFT marketplace are able to trade NFTs in various blockchains like the Ethereum network, BNB Smart Chain and Polygon using their accounts in Binance. 

Despite the announcement, Binance is still keeping a strict approach to its NFT listings. Within the announcement, the NFT marketplace highlighted that at the moment, not all NFT collections will be available. They wrote:

“Currently, only selected ERC-721 NFT Collections on the Polygon network are available on the Binance NFT Marketplace. Binance NFT will integrate more NFT collections on a regular basis.”

On Jan. 19, the NFT platform tightened its rules on NFT listings, saying that it will delist NFTs with daily trading volume lower than $1,000. In addition, the exchange also limited the number of NFTs that artists can mint per day. Apart from this, Binance also said that it will review NFT listings periodically and recommend those that do not meet its standards for delisting. 

Related: Binance launches anti-scam campaign after Hong Kong pilot run

Meanwhile, with artificial intelligence (AI) finding its way into the Web3 space, Binance has also moved in on AI. On March 2, Binance CEO Changpeng Zhao announced that its AI-powered NFT generator called “Bicasso” has launched and was able to mint 10,000 NFTs in just 2.5 hours.

Despite its initial success, the AI tool was immediately haunted by controversy. A day after the launch of Bicasso, a BNB Chain hackaton winner accused Binance of stealing and copying their project called “Chatcasso.” The exchange dismissed the accusations and pointed out that NFTs and AI are common concepts. A Binance spokesperson told Cointelegraph that Bicasso was developed independently more than two weeks before the hackaton.