OpenSea Adds Support For NFTs Minted on BNB Smart Chain

OpenSea Adds Support For NFTs Minted on BNB Smart Chain

As part of its efforts to expand services across blockchains, OpenSea, the world’s largest non-fungible token (NFT) marketplace, has announced support for digital collectibles created on the BNB Smart Chain. The marketplace currently supports NFTs minted on Ethereum, Solana, Polygon, Avalanche, and Polygon among others.

The world’s largest non-fungible tokens (NFT) marketplace OpenSea has announced that it will be adding support for NFT collections created on Binance’s BNB Smart Chain. The move is part of the marketplace’s plan to expand support for digital collectibles across blockchains.

According to the announcement made on November 29th, the BNB Chain will be launched on OpenSea’s Seaport Protocol in Q4 2022, enabling multiple creator payouts, real-time payouts, collection management, and other benefits for creators looking to list BNB-based NFTs on OpenSea.

“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, the Investment Director at BNB Chain.

The BNB Smart Chain currently supports over 1,300 DApps (Decentralized Applications) across various categories, including decentralized finance (DeFi), metaverse, gaming, and NFTs. Last month, the company launched its Growth Incentive Program, a $10 million fund to support on-chain projects that help with user adoption and the growth of the blockchain ecosystem.

OpenSea Adds Support For NFTs Minted on BNB Smart Chain

“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,” said Jeremy Fine, Head of Business and Corporate Development at OpenSea.

OpenSea, which surpassed $33 billion in all-time sales last week, already supports digital collectibles deployed on blockchains including Ethereum, Solana, Arbitrum, Klaytn, Optimism, Avalanche, and Polygon. The world’s largest NFT marketplace by collections and trading volume also launched the blockchain-based RPG game Chain Legion and the play-to-earn soccer game World League Live along with the announcement.

Last week, rival marketplace Magic Eden partnered with Polygon, a Layer 2 sidechain network for Ethereum that facilitates faster and cheaper transactions, to create a launchpad for games deployed on the blockchain. Like OpenSea, the Solana-based platform is taking a blockchain-agnostic approach toward supporting multiple networks. Currently, Magic Eden supports NFTs minted on Solana, Ethereum, and Polygon.

Both platforms are also competing with each other on royalties. Although both platforms support the creator incentive model, they also have optional royalties. While OpenSea allows creators to set royalty charges for their collections, Magic Eden has implemented an optional royalty structure for all NFTs listed on its marketplace. The optional royalties model allows buyers to choose how much they want to pay as royalties to the creators of the items they purchase. The method was popularized by Ethereum-based marketplaces X2Y2 and SudoSwapAMM, which are turning out to be more popular amongst NFT traders.

In an effort to protect digital collectible artists, OpenSea launched a tool that allows NFT creators to set royalties for all their projects listed on the platform. Artists can also use the Open-Filter-Registry to blacklist secondary marketplaces that charge optional royalties from being able to list their works for sale. X2Y2 changed its course on optional royalties by allowing OpenSea-listed NFTs to charge creator incentives on the open-source marketplace.

At the time of writing, BNB is trading at $300.93, down by 1.3% in the last 24 hours. BNB Smart Chain has a total market cap of $49 billion.

Also Read Coinbase Delists Ripple, Stellar, Ethereum Classic, and Bitcoin Cash

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