OpenSea Seaport Protocol brings creators and NFT holders on the BNB Chain

by · November 29, 2022

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

Gwendolyn Regina, Chief Investment Officer of BNB Chain, shared insights into the move, revealing her intention 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 strengthen the creators and NFT initiatives in the BNB Chain ecosystem.”

The integration aims to lower gas fees, provide simpler signature verification actions and eliminate installation 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 it will continue to enforce royalties across all collections after receiving significant public feedback for considering otherwise.

The community backlash 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, described by OpenSea CEO Devin Finzer as a “simple piece of code,” was aimed at taking over the existing system of voluntary payment of creator fees. The code will also limit NFT sales to only marketplaces that enforce creator fee criteria.

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

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