By George Ward
OpenSea, an Ethereum-based NFT marketplace, wants to integrate the BNB chain into its seaport protocol before the end of 2022. This integration would allow users to buy, list, and trade BNB Chain-based NFTs on OpenSea.
On November 29th, OpenSea announced its plan to incorporate the BNB chain into its seaport protocol. Earlier in September, the marketplace stated that it would expand its support for more languages and blockchains.
The aim is to ensure the platform remains the largest NFT marketplace. Presently, OpenSea onboards NFTs from various blockchains like Optimism, Polygon, Solana, Arbitrum, Klaytn, Ethereum, and Avalanche.
On Wednesday, the platform announced on Twitter the addition of BNB chains. According to OpenSea, the integration would occur before the end of 2022.
Meanwhile, the Seaport Protocol integration will enable users to trade, buy, and list BNB Chain-based NFTs on the Ethereum-powered NFT marketplace.
After the announcement, OpenSea tagged some popular creators in the BNB space, notifying them of the new opportunity. OpenSea’s Seaport protocol offers creators multiple payouts and other benefits.
Gwendolyn Regina, BNB Chain’s investment director, said the integration would help the platform to offer more services to NFT users and creators. She added that it would encourage more creators to use the BNB Chain.
Furthermore, the integration would reduce gas fees, remove setup fees, and offer an easier way for confirmation. Apart from BNB Chain, OpenSea will also integrate other blockchains in the nearest future.
OpenSea And Creators’ Royalties
The BNB Chain, developed by Binance, is built to function as a Web3-based blockchain platform. The platform’s native token is BNB. Today, the platform supports more than 1,300 dApps across different categories.
The categories include blockchain gaming, metaverse, DeFi, and NFTs. In October, the platform introduced a fund of $10 million to incentivize development on the network.
At the beginning of November, OpenSea revealed that it was changing its stance on NFT royalties. The NFT marketplace wants to follow the likes of LooksRare, Blur, and X2Y2.
NFT royalties are optional on these platforms. NFT buyers can choose to pay for royalties if they want. Unfortunately, OpenSea’s decision was met with significant criticism from the NFT creator community.
They argued that most users would not pay royalties, thereby robbing creators of their earnings. As a result, Yuga Labs, the brand behind the Bored Ape Yacht Club, canceled its scheduled NFT drop on OpenSea.
Additionally, The Hundreds, a sweat wear brand, canceled its NFT drop on OpenSea. This made the Ethereum-powered NFT marketplace take a U-turn on its decision.
OpenSea decided to uphold compulsory payment of NFT royalties on old and new projects.