OpenSea Adds Support for NFTs Built on BNB Chain

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Blockchain
OpenSea Adds Support for NFTs Built on BNB Chain

According to reports, BNB Chain will merge its non-fungible tokens (NFTs) onto the OpenSea Seaport protocol by the end of the year. The new partnership joins one of the largest blockchains in terms of active users and wallets with the largest NFT marketplace in terms of volume.

Opensea’s Partnership With BNB Chain Favors NFT Creators

Reports indicate that the partnership will enable multiple creator rewards, collection management, and other advantages for BNB Chain creators who wish to list and trade digital assets on OpenSea’s marketplace.

OpenSea announced on Twitter that by listing NFTs built on the BNB Chain, it would be able to facilitate trades for player-made collections such as Goodfellas NFT and Pixelsweeper. Following the official announcement, Gwendolyn Regina, investment director at BNB Chain, said: 

“The integration will bring a large number of creators into the wider ecosystem, as well as empower the creators and NFT initiatives inside the BNB Chain ecosystem.”

This partnership has been in the works for quite some time. In a press release, BNB Chain confirmed that it would launch on OpenSea’s Seaport Protocol in the fourth quarter of 2022. Additionally, Gwendolyn Regina stated:

“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. 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.”

Will the Partnership Revive the NFT Industry? 

The integration will undoubtedly attract additional users from the BNB Chain NFT community to OpenSea, with various projects competing for the coveted listing on the vast marketplace. BNB Chain’s blockchain technology will also provide OpenSea users access to fast and low-fee transactions of NFTs.

While BNB Chain trade volumes represent a small fraction of the number of transactions completed by NFTs built on the Ethereum and Solana blockchains, OpenSea’s announcement demonstrates a continued commitment to expanding its marketplace by supporting a wide variety of NFTs built on different blockchains. The NFT marketplace had recently accepted Avalanche-based NFTs.

The BNB ecosystem already supports over 1,300 dApps across several categories, including DeFi, metaverse, blockchain gaming, and NFTs. Last month it announced a $10 million fund to boost blockchain development.

OpenSea said in September that it would expand support for new blockchains and languages to maintain its position as the world’s largest NFT marketplace. The platform now supports Ethereum, Polygon, Klaytn, Solana, Arbitrum, Avalanche, and Optimism NFTs. All NFT users should welcome the long-awaited merger of two previously distant parties, as it can benefit both creators and users alike.

Although such developments are encouraging to crypto and NFT enthusiasts, it is advisable to learn how to DYOR as the NFT industry is very young and thus risky. 

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Samuel Mbaki

Samuel is a passionate blockchain author and reporter. He has a writing experience of about 4 years and a good eye for detail. He is an adventurous person who is fascinated with upcoming technologies, which is one of the reasons that led him to crypto.