KryptoCurrency

November 5, 2024
Crypto

OpenSea Seaport Protocol onboards creators and NFT holders on BNB Chain

By akohad Nov29,2022

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Crypto collectibles and nonfungible token (NFT) marketplace OpenSea announced plans to integrate BNB Chain on Seaport Protocol by the end of Q4 2022. The integration will allow users to buy, list and trade BNB Chain NFTs on the OpenSea marketplace.

BNB Chain was built by Binance to operate as a Web3-focused blockchain network powered by the exchange’s in-house token, Binance Coin (BNB). BNB Chain’s integration into OpenSea’s Seaport Protocol aims to provide BNB Chain creators with multiple creator payouts, real-time payouts and collection management, among others.

Sharing insights into the move, Gwendolyn Regina, Investment Director at BNB Chain, revealed her intent to deliver better experiences to NFT creators and users. She added:

“The integration will bring a large number of creators into the wider system, as well as empower the creators and NFT initiatives inside the BNB Chain ecosystem.”

The integration aims to lower gas fees, provide easier signature confirmation actions and eliminate setup fees. In addition to BNB Chain, OpenSea plans to leverage Seaport across multiple blockchains to reach more users.

Related: Binance sees record 138K BTC inflows as opinions differ on what Bitcoin price will do next

OpenSea recently confirmed to continue enforcing royalties across all collections after receiving significant public backlash for considering otherwise.

The community pushback 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 stopped short of offering the same to existing collections.

The on-chain tool, as described by OpenSea CEO Devin Finzer as a “simple code snippet,” was aimed at taking over the existing system of voluntary creator fee payment. The code would also restrict NFT sales to only marketplaces that enforce creator fees criteria.

In January 2022, OpenSea had to backtrack its attempt to impose hard limits on minting NFTs after the community retaliated. The platform had temporarily changed its policy to only allow five NFT collections with 50 items per collection, which was previously unlimited.

While reversing the decision, OpenSea had argued that smart contracts were being misused and that “over 80% of the items created with this tool were plagiarized works, fake collections, and spam.”