Thursday, June 8, 2023
HomeOpenseaOpenSea integrates BNB Chain, but will BNB holders benefit?

OpenSea integrates BNB Chain, but will BNB holders benefit?

  • The BNB chain saw an increase in trading volume of NFTs and unique active wallets (UAW).
  • OpenSea also recorded an increase in trading volume and transactions after the partnership.

OpenSea, the world’s largest marketplace for NFTs (Non-Fungible Tokens), has integrated the BNB chain. Therefore, it provides huge market exposure to the already vibrant NFT ecosystem on-chain.While NFT creators and users can benefit more from his BNB chain platform, BNB owners can benefit from the partnership?

on twitter statementthe BNB chain has confirmed that the partnership is a good step towards an exceptional NFT experience for its users and creators.

Similarly, OpenSea said that merging the BNB chain with other chains would be a great step towards democratizing the NFT space. This could lead to more NFT trading and creative additions in the future.

Will the Opensea integration provide any value to BNB holders?

Now that NFT creators and users of the BNB chain have received an early Christmas gift, can BNB owners benefit from this development? Hours after the announcement, we have seen mixed results.

For example, the BNB chain posted the highest number of NFT trades in the past few hours after its announcement.according to SantimentoNFT total trading volume increased from about $100,000 on Dec. 5 to $1.4 million.

Source: Santimento

DappRadar, a decentralized application tracking platform, also confirmed the above improvements in the BNB chain’s NFT ecosystem.

Specifically, for DappRadar data showed that trading volume on the BNB chain’s Unique Active Wallet (UAW) and OpenSea increased by over 100% in the last 24 hours.

Additionally, transactions increased by 200% on the last day. In other words, the BNB chain has greatly benefited from the partnership.

We also saw general improvements in OpenSea. measured against the overall performance of all chains, high seas Increased trading volume by more than 40%, or about $10 million in the last 24 hours. Additionally, NFT transactions grew by 60% and UAW by 7%. The partnership is therefore a win-win situation.

Unfortunately, at the time this article was published, it appeared that BNB holders had nothing to gain from the deal. BNB active addresses and volume have decreased over the last 24 hours.

Additionally, BNB recorded negative weighted sentiment. This may indicate a bearish outlook. However, it’s worth noting that sentiment has retreated from deeper negative territory and risen. This is a slight improvement.

Source: Santimento

Nevertheless, the 30-day and 365-day market value to realized value ratios (MVRV) were negative. This shows that short- and long-term BNB holders still suffer losses despite partnerships.

Moreover, technical indicators on the price chart suggest that the BNB price may continue to fall in the long term.

Source: TradingView BNB/USDT

On the daily chart, the Relative Strength Index (RSI) is below the neutral 50 level and trending downward at the time of writing. This shows that buying pressure is waning and sellers are slowly gaining influence.

Therefore, on balance volume (OBV) has moved sideways and then trended downward at the time of issuance. Buying pressure eased as it became clear that trading volumes were stagnant and could fall.

Therefore, BNB may break the current support at $285 and find new support at $268.8. However, a bullish BTC could break above $306, invalidating our forecast above.

BNB sentiment improved slightly after the partnership, but the bullish outlook still has a long way to go. So BNB holders can wait longer to benefit from the above collaboration.

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