In an announcement made before the end of Q4 2022, OpenSea, a marketplace for cryptocurrency collectibles and NFTs, said it would be integrating the BNB Chain on the Seaport Protocol. Due to the connection, users of the OpenSea marketplace will be able to purchase, list, and trade BNB Chain NFTs.
Binance Coin, the in-house currency of the exchange, is the fuel that drives BNB Chain, a blockchain network designed specifically for the Web3. Among other things, the goal of incorporating BNB Chain into OpenSea’s Seaport Protocol is to provide BNB Chain creators with the ability to receive numerous creator payouts in real time and to manage their collections.
Investment Director at BNB Chain Gwendolyn Regina stated her company’s desire to enhance the NFT development and user experience. After that, she said:
“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.”
Our hope is that with this connection, we can cut down on petrol expenses, streamline signature confirmation processes, and do away with initial charges altogether. OpenSea plans to expand its reach by deploying Seaport on various blockchains, not just BNB Chain.
Retaliation from the community led to OpenSea abandoning its plan to institute strict rules on NFT minting in January 2022. For the time being, the platform’s policy was altered to limit NFT collections to five, each containing a maximum of fifty items.
OpenSea argued that the decision should be reversed since smart contracts were being misused and “more than 80% of the things created with this tool were plagiarized works, fake collections, and spam.”