Many people are interested in trading NFTs for trading purposes. The users who are present on the Binance exchange may now exchange and trade NFTs on the Polygon network. The new change has been made possible on account of a new integration between the Ethereum protocol Polygon and the NFT wing of Binance.
Polygon network users can also access a vast market of NFTs and many collections that will become accessible to them.
It is worth noting that by working with this venture, the users would be able to gain exposure to blockchain ecosystems such as Binance Smart Chain, Polygon, and Ethereum network using their existing Binance accounts.
Binance has recently faced some regulatory issues. To this end, the international crypto exchange has taken a careful approach toward listing new NFT collections. The official blog post of Binance pointed out that the firm has limited its NFT listing to only ERC-721 compliant collections on the Polygon and Binance NFT forums.
Thus far, Binance has listed 10 NFT collections, and the platform has plans to add new collections for the benefit of its users regularly. To gain access to these NFT collections, the users must get a hold of a native token of Polygon, namely MATIC.
These tokens can be held and managed through the spot wallets, where users can exchange them with NFT purchases from Polygon.
Binance NFT Implements KYC Verification to Ensure Compliance with Regulations
Users on Binance are undergoing KYC compliance as part of the signup process. This verification would entail that the user must have a minimum followership of 2 users before applying.
The firm has maintained that it is going to review all NFT collections in detail and delist any projects that are found to violate the regulatory requirements.
At the same time, the users on Binance may also report any suspicious activities that are deemed illegal or problematic. The minting rules for NFT sellers are also reviewed by users to search for signs of non-compliance.
BinanceNFT is the same forum where International Football star Cristiano Ronaldo launched his CR7 NFT collection last year.
