NFT Marketplace OpenSea Announces BNB Chain Integration

NFT Marketplace OpenSea Announces BNB Chain Integration
  • OpenSea users will soon be able to list, trade, and acquire BNB Chain NFTs.
  • Binance’s BNB token is used to fuel the BNB Chain blockchain network.

OpenSea, a marketplace for NFTs, has stated that it intends to incorporate BNB Chain on its Web3 NFT marketplace protocol by the end of 2022. Because of Seaport Protocol, OpenSea users will soon be able to list, trade, and acquire BNB Chain NFTs.

Binance’s BNB token is used to fuel the BNB Chain blockchain network, which was developed by Binance specifically for usage on Web3. The goal of incorporating BNB Chain into OpenSea’s Seaport Protocol is to provide BNB Chain creators access to a number of new features, including the ability to receive several creator rewards at once, instantaneous payouts, and collection management.

More Blockchains Addition Expected

The goal is to provide better services for NFT developers and consumers, according to Gwendolyn Regina, investment director at BNB Chain.

Moreover, The streamlined integration should lead to cheaper gas prices, simpler signature confirmation procedures, and the removal of any initial costs. In order to expand its user base, OpenSea is working on a strategy to deploy Seaport on more blockchains in addition to BNB Chain.

After announcing the availability of an on-chain tool that would enable authors to impose royalties for any new collections on the platform, OpenSea received backlash for not also promising to give the same for current collections.

Furthermore, OpenSea CEO Devin Finzer referred to the on-chain technology as a “simple code snippet” designed to replace the current method of creators paying fees voluntarily. The code would also limit NFT sales to marketplaces that strictly uphold the criterion of creator fees.

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