Share
Facebook
Twitter
Whatsapp
Linkedin
Email
Copy link

OpenSea now supports the BNB Chain NFT.

2022/11/30 (Nov 30th, 2022 8:53 am)
T
SMALL
T
MEDIUM
T
LARGE
Share

The largest NFT marketplace in the world, OpenSea, is adding BNB Chain-based NFTs to its platform.

BNB Chain Meets OpenSea

OpenSea’s Seaport protocol, according to a press release shared with CryptoPotato, will introduce BNB Chain beginning in Q4 2022. Real-time payouts, creator payouts, collections management, and other advantages will be provided to BNB NFT creators.

The partnership, according to BNB Chain Investment Director Gwendolyn Regina, “will empower the creators and NFT initiatives inside the BNB Chain ecosystem as well as bring a significant number of creators into the larger system.”

However, the network has experienced comparatively low NFT trading volume when compared to rival networks, being vastly outperformed by the likes of Ethereum and Solana.

However, BNB Chain also has significantly lower fees than Ethereum, which relieves NFT users of onerous expenses. BNB Chain claims that by doing this, users will be able to initialize their accounts for nothing and signature confirmation actions will be easier to see.

BTC/USDT
0
24h Chg. %
0%
7d Chg. %
0
0%
0
Price
0%
7d Chg. %
0%
7d Chg. %
0
0%
Buy
Sell

Everyone using the platform will have a better experience thanks to the BNB Chain integration, according to Jeremy Fine, Head of Business and Corporate Development at OpenSea. With this update, he continued, “it will be easier to connect with even more users and creators on the chains they prefer.”

It chose not to offer support for ETHPoW, the proof-of-work version of Ethereum that debuted in September following The Merge.

Volume NFT Dying

With OpenSea trading volume down 90% since January, the NFT hype train of 2021 has all but disappeared.

For instance, Bored Ape Yachy Club (BAYC), despite one ape selling for $1.45 million just days earlier, reached its lowest floor price since January back in August at just 67 ETH.

In July, OpenSea was forced to reduce its workforce by 20%, joining a few other cryptocurrency companies that had to make a similar number of layoffs. Former Chief Financial Officer of OpenSea, Brian Roberts, resigned from his position last month after only ten months on the job.

Bitcoin

19,157.7
-13.2
25.65%
13:00:30 - Real-time Data
Related articles
Bitcoin holds steady around $19,000 amid growing signs of institutional adoption
2022/10/11
Bitcoin holds steady around $19,000 amid growing signs of institutional adoption
2022/10/11
Bitcoin holds steady around $19,000 amid growing signs of institutional adoption
2022/10/11
Name
Price
Chg.
Chg. %

European Stock Futures Largely Lower;U.S. Inflation to Guide Fed Thinking

CoinUnited.io Market
Oct 10, 2022
FTSE 100 above 7000 but pound slips further slips further after
Oct 10, 2022
FTSE 100 above 7000 but pound slips further slips further after
Oct 10, 2022
FTSE 100 above 7000 but pound slips further slips further after
Oct 10, 2022
FTSE 100 above 7000 but pound slips further slips further after
Oct 10, 2022

Subscribe To Our
Newsletter

Get the latest updated