OpenSea to support NFTs on BNB Chain

    30 Nov 2022

    BNB Chain, the world’s largest smart contract blockchain in terms of daily active users, said its NFTs will be available for sale on the OpenSea core marketplace. The integration with OpenSea will enable BNB Chain support for NFT creators.

    BNB Chain will be launched on OpenSea’s Seaport Protocol by the end of the year, allowing multiple creator payouts, real-time payouts, collection management, and other BNB Chain benefits for NFT creators.

    “Our goal is to give the best-in-class experience to NFT creators and users, and this is a significant step in that direction as BNB Chain NFTs will now be available for listing and sale on OpenSea, the world’s largest NFT marketplace by volume,” BNB Chain’s Investment Director Gwendolyn Regina stated. “The integration will bring a large number of creators into the wider system, as well as empower the creators and NFT initiatives inside the BNB Chain ecosystem.”

    “We’re delighted to begin leveraging Seaport across multiple blockchains, including BNB Chain, to better the OpenSea experience for everyone,” added Jeremy Fine, OpenSea’s Head of Business and Corporate Development. “This update will make it simpler to reach even more users and creators on the chains they prefer.”

    Currently, BNB Chain is the largest smart contract blockchain in the world based on daily active users (DAU). However, the network has seen relatively low NFT trading volume compared to rival networks, being outcompeted by the likes of Ethereum and Solana by orders of magnitude.

    Last month, OpenSea announced that users could list and trade Avalanche-based NFTs. It also added September support for Polygon – an Ethereum layer-2 scaling solution. However, it declined to provide support for ETHPoW – the proof-of-work variant of Ethereum, which launched after The Merge in September.

    Meanwhile, OpenSea’s trading volume down 90% since January. The floor price for various popular collections has also plummeted. For example, Bored Ape Yachy Club (BAYC) reached its lowest floor price since January back in August at just 67 ETH – despite one Ape selling for $1.45 million only days prior. 

    As a result, OpenSea was forced to downsize by 20% in July, alongside a handful of similar layoffs at other crypto firms. Brian Roberts – OpenSea’s former Chief Financial Officer – left the company last month after just only ten months working in his role.

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