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HomeTop NFT CollectionOpenSea Seaport Protocol onboards creators and NFT holders on BNB Chain

OpenSea Seaport Protocol onboards creators and NFT holders on BNB Chain

crypto collectibles and Non-Fungible Token (NFT) Marketplace OpenSea has announced plans to integrate its BNB chain into the Seaport Protocol by the end of Q4 2022. This integration will allow users to buy, list and trade her BNB chain NFTs on the OpenSea marketplace.

The BNB chain was built by Binance and uses the exchange’s in-house token, Binance Coin (BNB). The integration of BNB chains into OpenSea’s Seaport protocol aims to provide BNB chain creators with multi-creator payments, real-time payments, collection management, and more.

Gwendolyn Regina, investment director at BNB Chain, shared some insight into the move and revealed its intention to provide a better experience for NFT creators and users. she added:

“This integration brings a large number of creators into the wider system and strengthens creators and NFT initiatives within the BNB chain ecosystem.”

The purpose of this integration is to lower gas prices, make signature verification actions easier, and eliminate setup fees. In addition to the BNB chain, OpenSea plans to leverage Seaport across multiple blockchains to reach more users.

Related: Binance Sees Record 138K BTC Inflow As Opinions Divide Over What Bitcoin Price Will Do Next

OpenSea recently confirmed Continue to apply usage fees across all collections After receiving significant public backlash for considering alternatives.

The community backlash came after OpenSea announced the launch of an on-chain tool that would allow creators to enforce royalties for new collections on the platform, but offer the same for existing collections. I didn’t reach it.

Described by OpenSea CEO Devin Finzer as a “simple code snippet,” the on-chain tool was intended to take over the existing system of arbitrary creator fee payments. This code also restricts the sale of NFTs to only those marketplaces that enforce creator fee standards.

In January 2022, OpenSea will Retract attempts to impose hard limits on NFT casting After the community retaliated. The platform temporarily changed its policy to only allow her five NFT collections of 50 items per collection, which was previously unlimited.

While reversing the decision, OpenSea claimed that smart contracts were being abused and that “more than 80% of items created with this tool are plagiarism, fake collections, and spam.”