De Facto NFT platform OpenSea announces plan to provide users with BNB chain support

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The de facto non-fungible token (NFT) and crypto collectibles marketplace, OpenSea, has announced that by the end of 2022 it will integrate BNB Chain to the Web3 Seaport Protocol on its NFT Marketplace, which will allow users to trade, buy and list BNB Chain NFTs at OpenSea. Binance built BNB Chain to act as a Web3-focused blockchain network. BNB Chain is powered by Binance’s own token, BNB. By integrating BNB Chain into its Seaport protocol, OpenSea aims to provide creators on the BNB chain with real-time payouts, multiple creator payouts, collection management, and much more. OpenSea plans to integrate Seaport with many more blockchains in addition to BNB Chain to reach more users. The goal of these integrations is to provide simpler signature verification actions, lower gas fees and eliminate setup fees. According to Gwendolyn Regina, Chief Investment Officer of BNB Chain, the purpose of this integration is to deliver better experiences to the users and NFT creators.”NFT initiatives inside the BNB Chain ecosystem,” she said. Recently, OpenSea announced that creators would be able to enforce royalties for all their newly created collections on the platform through the launch of a chain tool. However, they did not offer the same for existing collections. After receiving a lot of backlash for the discrimination from the general public, OpenSea confirmed that they will continue to enforce royalties for all collections, new and old. According to OpenSea CEO Devin Finzer, the on-chain tool is a ‘simple piece of code’ that aims to take over the current voluntary creation fee payment system. Only those marketplaces that enforce the creator fee criteria will be able to sell NFTs, while the rest will be restricted by the code. This is not the only time OpenSea has had to change its plans due to protests. OpenSea tried to impose limits on NFT coins to creators so that they could only create five NFT collections with a maximum of 50 items in each by January 2022, but had to push back their attempt after a backlash from the community. OpenSea had to reverse the decision, but it pointed out that smart contracts were being misused, adding that “over 80% of the items created with this tool were plagiarized works, fake compilations and spam.”Shashank is found on yMedia. He ventured into crypto in 2013 and is an ETH maximalist.