The company has announced that OpenSea‘s main NFT marketplace will now support digital assets built on the BNB Chain blockchain.
The news is reported on The Block‘s official Twitter account, which reads:
OpenSea announces support of NFT collections built on BNB Chainhttps://t.co/7mQPdFx6yd
— The Block (@TheBlock__) November 29, 2022
“OpenSea announces support of NFT collections built on BNB Chain.”
BNB Chain-based NFTs on OpenSea: here are all the benefits
BNB Chain, one of the largest blockchains for daily active users, will enable the sale of its non-fungible tokens on OpenSea by the end of the year.
BNB Chain was created by Binance to function as a Web3-centric blockchain network powered by the internal BNB exchange token.
The move in agreement between OpenSea and BNB Chain will enable more payments to creators and better collection management. It will also offer countless other benefits for BNB Chain creators who wish to list and sell digital collectibles on the OpenSea marketplace.
Gwendolyn Regina, director of investments at BNB Chain, on the OpenSea innovation said:
“The integration will bring a large number of creators into the wider ecosystem, as well as empower creators and NFT initiatives within the BNB Chain ecosystem.”
Indeed, the integration aims to reduce gas rates, provide easier signature confirmation actions, and eliminate setup fees. In addition to BNB Chain, OpenSea also plans to leverage Seaport on multiple blockchains to reach more users.
The BNB ecosystem already supports more than 1,300 dApps in multiple categories, including decentralized finance (DeFi), metaverse, blockchain gaming and NFTs.
In addition, OpenSea reached out to Twitter to share another important innovation, namely: listing non-fungible tokens built on the BNB blockchain will be able to manage exchanges for collections created by players such as Goodfellas NFT and Pixelsweeper.
While BNB Chain trading volumes represent a small fraction of the number of transactions completed by NFTs on the Ethereum and Solana blockchains, OpenSea’s announcement demonstrates an ongoing interest in growing its market by supporting a wide range of NFTs built on various blockchains.
OpenSea: Avalanche, the 10 million fund and other news
Last month, OpenSea announced that users could list and sell NFTs based on Avalanche, bringing the total number of blockchains supported by the platform to seven.
New collections that have joined the marketplace include Chikn, TapTapKaboom, The Stoics, Castle Crush, and Open Blox, with more collections expected to be integrated soon.
In addition, OpenSea has also begun to work with Avalanche-based NFT platforms such as NFTrade, Joepegs, and Kalao. The addition of Avalanche comes just weeks after OpenSea announced support for Arbitrum and Optimism scaling networks, as well as automatic indexing of Solana NFTs.
OpenSea has also expanded beyond blockchain and profile image projects, such as with its tie-up with Warner Music Group for music drops.
Not only that, that same month OpenSea had also launched a $10 million fund to incentivize the growth of projects on the blockchain. The program, known as the Growth Incentive Program, will initially support ten projects in the fourth quarter, with gas incentives of up to 800 BNB per month in total.
In addition, individual projects can receive $1 million per month to cover gas and transaction fees paid to blockchain network validators for their services.
Gwendolyn Regina had also spoken on this, stating:
“Through the growth incentive program, BNB Chain aims to support projects in various stages of growth and provide direct support for user acquisition.”
Finally, in September, OpenSea had announced that it would also expand support for additional blockchains and languages to maintain its position as the world’s largest NFT marketplace. Currently, the platform supports NFTs from Ethereum, Polygon, Klaytn, Solana, Arbitrum, Avalanche and Optimism.
OpenSea on the subject of royalties on NFT collections
OpenSea recently confirmed that it continues to enforce copyrights on all NFT collections, after receiving significant public backlash for considering the issue differently.
The community rejection came after OpenSea announced the launch of an on-chain tool that would allow creators to impose royalties on any new collection on the platform, but stopped short of offering the same to existing collections.
The on-chain tool, described by OpenSea CEO Devin Finzer as a simple code snippet, was intended to take over the existing system of voluntary payment of the creator’s fee. In addition, the code would also limit NFT sales to only those marketplaces that apply creator fee criteria.
In January 2022, OpenSea also had to backtrack on its attempt to impose limits on NFT mints after a community outcry. The platform had sought to limit users to creating only five NFT collections with a maximum of fifty items each.
Indeed, on their official Twitter account they had announced:
We know this change may impact our community so please don't hesitate to share how this affects your creative flow.
— OpenSea Support (@opensea_support) January 27, 2022
“We know this change may impact our community so please don’t hesitate to share how this affects your creative flow.”
While rescinding the decision, OpenSea argued that smart contracts were being misused and that more than 80% of the items created with the tool were plagiarized works, fake collections, and spam.