OpenSea to Now List NFTs Created on BNB Chain in a Bid to Attract More Buyers

OpenSea is trying to rope-in more buyers on its platform to keep its business shielded against market volatility and competition heating up the sector.

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 30 November 2022 17:53 IST

OpenSea to Now List NFTs Created on BNB Chain in a Bid to Attract More Buyers

Photo Credit: OpenSea

In February 2022, Binance Chain and Binance Smart Chain merged to form BNB Chain

Highlights

BNB Chain is the fifth blockchain to get support on OpenSea
OpenSea is looking to attract more buyers amid dwindling NFT sales
OpenSea expected to support more blockchains in coming times

OpenSea is expanding support for NFTs built on different blockchains, amid a rise in newer marketplaces coming up to sell digital collectibles. In a fresh development, OpenSea has announced that NFTs built on the BNB chain will now be listed and sold on its platform, which is touted as the biggest NFT marketplace with over a million registered users as of last week. In total, OpenSea now supports NFTs created on five blockchains — Ethereum, Polygon, Klaytn, Solana, and BNB Chain.

OpenSea is trying to rope-in more buyers on its platform to keep its business shielded against market volatility and competition heating up the sector.

“This update will make it simpler to reach even more users and creators on the chains they prefer,” a CryptoPotato report quoted Jeremy Fine, Head of Business and Corporate Development at OpenSea as saying.

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In February 2022, the Binance Chain and the Binance Smart Chain merged to form one BNB Chain, eliminating programmability restrictions and increasing efficiency.

In an official blog post published in October, Binance called BNB Chain the world's largest smart-contract blockchain with regards to transaction volume and daily active users.

By October, the BNB Chain had already processed three billion transactions while providing a support ecosystem for over 1,300 DApps.

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“The integration [with OpenSea] 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,” said Gwendolyn Regina, the Investment Director at BNB Chain.

According to crypto analytics community Dune data, OpenSea's trading volume hit a peak of around $5.8 billion (roughly Rs. 46,400 crore) in January.

Moreover, after over $260 million (roughly Rs. 2,070 crore) were collectively bagged by reputed brands who explored selling NFTs with their products recently, more companies are entering the sector on a daily basis.

The month of March this year, saw maximum number of NFT-related applications of 1,078 in the US.

OpenSea had added support for NFTs created on the Solana blockchain earlier this year and is expected to announce support for more blockchains in the coming days.

Meanwhile, the entry of new NFT marketplaces has been happening more regularly than not in recent months.

In November itself, ApeCoin DAO has announced the launch of its own NFT marketplace.

In January, newly launched LooksRare marketplace had recorded a sales volume of $394 million (roughly Rs. 2,912 crore) within just three days of launch.

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Further reading: Cryptocurrency, OpenSea. NFT, BNB Chain, Solana, Ethereum, Polygon

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More