OpenSea ends 2022 with major partnerships and $1 billion in NFT royalties
The year has had one of the toughest crypto winters in history. Despite investors suffering significant losses, several DeFi sectors have prospered in 2022. The OpenSea NFT market has been exceptionally successful in the crypto red markets. By the end of the year, BNB Chain will reportedly integrate its non-fungible tokens (NFT) into the OpenSea Seaport protocol.
Additionally, according to a report published by NFT Market, creators selling NFTs on the platform earned a total of $1.1 billion this year, with 80 percent of that amount going to collections outside the top 10. The platform intends to continue supporting creators and their rights to present investors with assets of the highest quality.
OpenSea adds support for BNB Chain NFTs
Reports indicate that the partnership between OpenSea and BNB Chain will enable more creator rewards, collection management and other benefits for BNB Chain creators seeking to list and trade digital assets on the largest NFT marketplace.
The NFT platform announced on Twitter that by listing NFTs built on the BNB chain, it would be able to allow trades for player-created collections such as Goodfellas NFT and Pixelsweeper. Following the official announcement, Gwendolyn Regina, Chief Investment Officer of BNB Chain, stated:
Our goal is to provide the best-in-class experience to NFT creators and users, and this is a significant step in that direction as BNB Chain NFTs will now be available for listing and sale on OpenSea, the world’s largest NFT marketplace by volume. 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.
Gwendolyn Regina
The integration will drive more users from the BNB Chain NFT community to OpenSea, with several projects vying for the coveted position in the wider market. BNB Chain’s blockchain technology will also provide OpenSea customers with access to the popular blockchain’s efficient and affordable trading capabilities.
While BNB Chain trading volumes represent a small fraction of the number of transactions performed by NFTs built on the Ethereum and Solana blockchains, the platform’s statement reflects a commitment to expanding its marketplace by supporting a wide variety of NFTs developed on different blockchains .
The BNB ecosystem already supports more than 1,300 dApps across a wide range of categories, including DeFi, metaverse, blockchain games and NFTs. It created a $10 million fund to promote blockchain development last month.
OpenSea now supports NFTs built on Ethereum, Polygon, Klaytn, Solana, Arbitrum, Avalanche and Optimism. Both creators and users should benefit from the new integration. All NFT users should applaud the long awaited merger of two once separate parties.
NFTs have a billion in NFT royalties
The data marks a new dawn for NFT creators. Despite volatile market conditions, this year’s payments continue to be new. Prior to the 2018 establishment of the NFT standard, there were no creator fees. The NFT market allowed them to invite more creators.
This income does not include sponsorship income, engagement incentives or grants. According to a blog post by OpenSea’s vice president of product, Shiva Rajaraman, creator fees were included in transactions from January 1 to November 23.
OpenSea market analysts was surprised by the findings, especially compared to the creator compensation of other well-established platforms. According to the data, Facebook and Instagram creators were to be refunded over $1 billion between July 2021 and December 2022.
DeFi performs far better than conventional banking institutions. In 2020, TikTok promised to pay creators $1 billion over the following three years. In addition, Snapchat paid its top creators $1 million daily, totaling $365 million annually.
In its nine years, Patreon has awarded $3.5 billion to creators (as of 2021). OpenSea, which has held the status of one of the largest marketplaces in terms of monthly volume for a long time, has supported enforcement to this point.
OpenSea takes a stand to NFT creators
This month, the NFT marketplace developed a tool that enforces on-chain royalties to allow creators to launch new collections on the network. The smart contract’s code limits the sale of NFTs to markets that charge creator fees.
Some marketplaces have made creator fees optional or eliminated them entirely to cut consumer costs this year. Creator fees are a revolutionary innovation of web3, allowing creators to finally share the value of resale.
Platfprm is an advocate for the NFT environment, where each person can construct their own universe. They want to step up efforts to empower creators and help develop more efficient and innovative revenue streams.
They serve as a reminder that while many NFT marketplaces have struggled with stability and value, OpenSea’s commitment to protecting its community remains strong.
