OpenSea Adds Support for NFTs on BNB Chain

UTC by Babafemi Adebajo · 2 min read
OpenSea Adds Support for NFTs on BNB Chain
Photo: Shutterstock

With the BNB chain housing over 1300 dApps, integration with the OpenSea marketplace will improve connectedness in the larger ecosystem.

The leading NFT marketplace has announced support for NFTs on the BNB chain. The marketplace will integrate BNB Chain on its Seaport Protocol by the end of the year, allowing users to trade NFT collections on BNB Chain on the platform.

As a result of the integration, the marketplace will now be able to handle trades from players like Goodfellas NFT, MOBOX Official, and Pixelsweeper.

The decision follows OpenSea’s announcement in September that it would add support for more blockchains and languages. As it stands, OpenSea now supports Arbitrum, Avalanche, Ethereum, Klaytn, Optimism, Polygon, and Solana. Thus, integrating with the BNB chain will draw more people to the marketplace.

Why Support NFTs on the BNB Chain?

With the BNB chain housing over 1300 dApps, integration with the OpenSea marketplace will improve connectedness in the larger ecosystem. Again, the integration will lower gas fees, facilitate network confirmations, and eliminate setup fees.

Investment Director at BNB Chain, Gwendolyn Regina, shared similar sentiments. Regina said:

“The integration will bring a large number of creators into the wider system.”

Regina also believes the integration will empower creators and NFT projects in the BNB ecosystem. Such creators will also access multiple creators, real-time payouts, and collection management.

At the time of writing, sales of NFTs on the BNB chain make up about $106690, an increase of about 30% over the last seven days, according to Cryptoslam.

OpenSea CEO Encourages Trust Building

Meanwhile, OpenSea CEO Devin Finzer has stated that the FTX collapse provides a unique opportunity for crypto companies to build trust. While acknowledging the collapse as tragic, Finzer noted it provided an opportunity for the broader crypto ecosystem and NFTs in particular.

Finzer said that “this is an opportunity to invest in strong, continual trust with users.” He noted it would allow the industry further pursue decentralization.

OpenSea has often allowed market sentiments to determine the course of its action. In January 2022, the marketplace backtracked on its decision to limit NFT minting after the community decried it.

More recently, OpenSea canceled another plan to enforce royalties for new collections alone. After receiving significant bashing, the firm reconsidered its position and resorted to enforcing royalties on both old and new collections.

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Babafemi Adebajo

An experienced writer with practical experience in the fintech industry. When not writing, he spends his time reading, researching or teaching.

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