In an exciting move, the OpenSea NFT marketplace announces support for BNB Chain. As a result, the NFTs’ artists and creators who built on the BNB Chain can now sell their artwork on OpenSea. In particular, OpenSea’s Seaport protocol will allow these sales.
Quick Take:
- The OpenSea Seaport Protocol will now integrate with the BNB Chain.
- All the BNB-based NFT collections will be available on OpenSea after the integration is complete.
- With this, the creators will benefit from creator payouts, royalties, and collection management services.
Working With the 5th Largest Blockchain
In terms of NFT sales, BNB is the 5th largest blockchain in the last 24 hours (at the time of writing). Now that OpenSea supports the BNB blockchain, the creators relying on the latter can expect their sales volumes to increase. OpenSea is one of the largest NFT marketplaces, and it will certainly give the BNB chain creators a lot of exposure.
The BNB ecosystem already supports over 1,300 dapps across multiple categories like DeFi, metaverse, blockchain gaming and NFTs. Last month, it launched a $10 million fund to incentivize growth on the blockchain.
OpenSea is working on its multi-chain expansion. Recently, OpenSea has started to support Avalance and Arbitrum. In the Twitter announcement, every BNB Chain NFT collection after 1st January 2022 will be listed on OpenSea. To realize the symbiotic relationship between BNB and OpenSea, BNB Chain added OpenSea’s top 200 NFT collections to their marketplace. The implementation of this addition is completed with the ERC-721 standard.
The move could give ethereum, the blockchain with the most NFT market share, some competition since the BNB Chain is a cheaper alternative in terms of the amount of gas needed to mint an NFT. The ERC-721 non-fungible standard that ethereum has adopted can cost users tens of dollars in minting fees. This is because a payment must be made to the blockchain to make the minting transaction possible.
BNB Chain Integration: Benefits for Creators and Artists of NFT Collection
The NFT creators will benefit from this partnership. They will have to lower gas fees and make the signature confirmation easier to view. Moreover, the new users won’t have to pay the account initialization or setup fee.
“We’re delighted to begin leveraging Seaport across multiple blockchains, including BNB Chain, to better the OpenSea experience for everyone. This update will make it simpler to reach even more users and creators on the chains they prefer.”
OpenSea’s Head of Business and Corporate Development
Subscribe to the NFT Lately newsletter to receive news covering the latest NFT-related drops, releases, reviews, and more.
