The de facto NFT platform OpenSea announces a plan to provide users with BNB chain support

OpenSea plans to integrate Seaport with many more blockchains so as to reach more users

Published: Dec 1, 2022 10:50:41 AM IST

Updated: Dec 1, 2022 11:26:46 AM IST

Image: Shutterstock

The de facto non-fungible token (NFT) and crypto collectibles market, OpenSea, has announced that by the end of 2022, it'll be integrating BNB Chain to its Web3 Seaport Protocol on its NFT Marketplace, which will allow users to trade, buy, and list BNB Chain NFTs on OpenSea.

Binance built BNB Chain to operate as a Web3-focused blockchain network. BNB Chain is powered by Binance's own token, BNB. By integrating BNB Chain into its Seaport protocol, OpenSea aims to provide creators on the BNB Chain with real-time payouts, multiple creator payouts, collection management, and much more.

OpenSea has plans to integrate Seaport with many more blockchains in addition to BNB Chain so as to reach more users. The aim of these integrations is to provide easier signature confirmation actions, lower gas fees, and eliminate setup fees.

As per Gwendolyn Regina, investment director at BNB Chain, the purpose of this integration is to deliver better experiences to its users and NFT creators.

"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," she said.

Recently, OpenSea announced that creators would be able to enforce royalties for all their newly created collections on the platform through the launch of an on-chain tool. However, they didn't offer the same for existing collections.

After receiving a lot of backlash for the discrimination from the general public, OpenSea confirmed that it'd continue to enforce royalties to all collections, new and old.

According to the CEO of OpenSea, Devin Finzer, the on-chain tool is a 'simple code snippet' which aims to take over the current voluntary creator fee payment system. Only those marketplaces that enforce creator fees criteria would be able to sell NFTs, while the rest will be restricted by the code.

This is not the only time OpenSea had to change its plans due to protests. OpenSea tried to impose limits on NFT mints on creators allowing them to make only five NFT collections with a maximum of 50 items in each in January 2022 but had to push back its attempt after a community backlash.

OpenSea had to reverse the decision, but it pointed out that smart contracts were being misused, adding that "over 80% of the items created with this tool were plagiarized works, fake collections, and spam."

Shashank is found at yMedia. He ventured into crypto in 2013 and is an ETH maximalist.