On November 29, the world’s largest NFT marketplace, OpenSea, went live on Binance’s BNB Chain. The network’s collectibles will soon be available for listing and sale on OpenSea’s standard core marketplace.
For BNB Chain creators looking to list and sell digital collectibles on OpenSea’s marketplace, the move will enable multiple creator payouts, collection management, and other benefits.
The integration aims to reduce gas fees, simplify signature confirmation actions, and eliminate setup fees. In addition to BNB Chain, OpenSea intends to use Seaport across multiple blockchains to reach a larger audience.
We’re excited to share that @BNBCHAIN🔶 is officially live on OpenSea! pic.twitter.com/U4kXFJKEXs
— OpenSea (@opensea) November 29, 2022
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,
said Gwendolyn Regina, investment director at BNB Chain
Binance created BNB Chain to serve as a Web3-focused blockchain network powered by the exchange’s in-house token, BNB. Over the last year, BNB Chain has generated at least $3M in NFT volume per week, but the vast majority of that volume comes from mints.
Over 1,300 dapps in various categories, including decentralized finance (DeFi), metaverse, blockchain gaming, and NFTs, are already supported by the BNB ecosystem. It launched a $10 million fund last month to incentivize blockchain growth.
In September, OpenSea announced that it would be adding support for new blockchains and languages in order to maintain its position as the world’s largest NFT marketplace.
Last month, OpenSea announced that users could list and trade Avalanche-based NFTs. It added support for Polygon, an Ethereum layer 2 scaling solution, in September. The platform currently supports Ethereum, Polygon, Klaytn, Solana, Arbitrum, Avalanche, and Optimism NFTs.
Following significant public backlash, OpenSea recently confirmed that it would continue to enforce royalties across all collections.
The backlash came after OpenSea announced the launch of an on-chain tool that would allow creators to enforce royalties for any new collections on the platform but refrained from doing the same for existing collections.
