BNB Chain NFTs are launched on the Opensea marketplace

Today, the market-leading non-fungible token (NFT) marketplace, Opensea, will begin listing NFTs from BNB Chain, one of the world’s largest smart contract-enabled blockchains, allowing users to buy and sell NFTs seamlessly on Opensea’s platform.

The move will see Opensea integrate BNB Chain into its Web3 marketplace protocol called Seaport, which will allow more payments from creators in real-time, improved collection management and creators to avoid high gas – the blockchain-specific term for transaction fees – while reducing setup. costs for new users.

“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,” said Gwendolyn Regina, BNB’s Chief Investment Officer.

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Previously, users could only see BNB Chain NFTs on Binance’s NFT marketplace, in addition to a handful of lesser-known marketplaces, which posed an interoperability problem for end users.

The BNB Chain integration sees OpenSea increase the number of chains available to users to eight, and the Avalanche C-Chain has also recently been incorporated into the NFT market.

The move could bring competition to ethereum, the leading blockchain for NFT market share, as the BNB chain represents a cheaper alternative in terms of the amount of gas required to mint an NFT. The non-fungible ERC-721 standard adopted by ethereum can cost users tens of dollars in minting fees, the payment of which is made to the blockchain to facilitate the mint transaction.

Representation of cryptocurrency Ethereum is seen next to non-fungible tokens (NFT) from Yuga Lab’s “Bored Ape Yacht Club” collection displayed on their website, in this illustration photo taken on March 24, 2022. (Reuters/Florence Lo/Illustration)

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Also, network congestion can increase on Ethereum during NFT events with high participation. Otherside NFT sales by Yuga Labs and Bored Ape Yacht Club were plagued with problems earlier this year, when the amount of gas wasted for failed transactions reportedly reached over $5 million in total, and Yuga Labs subsequently issued an apology and refunds to affected users as a result. Some users reported paying up to $11,000 in gas fees for one transaction.

In contrast, BNB Chain has a much lower price to mint, with prices typically coming in at a penny or less per NFT. The network does not typically suffer from the same scalability issues as ethereum, but with the new influx of NFT volume expected, this could be tested further.

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The news saw a small increase in the BNB price by around 1% on the 24-hour price chart, but the effect of this integration will most likely be seen as additional collections are added to the market, and volume increases reciprocally. The integration has seen over 100 collections added to OpenSea via the BNB chain within the first few hours of launch, at the time of writing.