With the BNB chain housing more than 1300 dApps, integration with the OpenSea marketplace will enhance connectedness in the bigger ecosystem.
The top NFT marketplace has confirmed support for NFTs on the BNB chain. The marketplace will incorporate BNB Chain on its Seaport Protocol by the end of 2022, enabling users to trade nonfungible token collections on BNB Chain on the platform.
Because of the integration, the marketplace will now have a chance to handle trades from gamers like MOBOX Official, Goodfellas NFT, and Pixelsweeper.
The decision comes after OpenSea’s announcement in September that it would add support for more languages and blockchains. As it stands currently, OpenSea now supports Avalanche, Ethereum, Optimism, Polygon, Arbitrum, Klaytn, and Solana. Therefore, integrating with the BNB chain will draw more people and users to the marketplace.
Why Support NFTs On The BNB Chain?
With the BNB chain housing more than 1300 dApps, integration with the OpenSea marketplace will enhance connectedness in the bigger ecosystem. Furthermore, the integration will lower gas fees, facilitate network confirmations, and get rid of setup fees.
Gwendolyn Regina, Investment Director at BNB Chain, shared similar sentiments. Regina stated:
“The integration will bring a large number of creators into the wider system.”
Regina also thinks that the integration will empower developers and NFT projects in the BNB ecosystem. These creators also have a chance to access multiple developers, collection management, and real-time payouts.
At the time of publication, sales of nonfungible tokens on the BNB chain make up nearly $106,690, an increase of around 30% over the past seven days, according to Cryptoslam.
OpenSea CEO Encourages Trust Building
In the meantime, OpenSea CEO Devin Finzer has said that the FTX collapse offers a distinct chance for crypto firms to build trust. While acknowledging the collapse as majorly tragic, Finzer noted it offered a chance for the wider crypto ecosystem and NFTs specifically.
Finzer mentioned that “this is an opportunity to invest in strong, continual trust with users.” He thinks it would enable the sector to further pursue decentralization.
OpenSea has mostly let market sentiments to determine the course of its action. In January, the marketplace backtracked on its decision to limit NFT minting after the community decried it.
Quite recently, OpenSea canceled another plan to enforce royalties for new collections alone. After it received massive bashing, the company reconsidered its position and resorted to enforcing royalties on the old and new collections.
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