Opensea has made several changes to its policy this week. Going forward, the platform will no longer support NFT transactions on BNB Chain and won’t enforce royalty payments on secondary sales.
The latest announcements have divided the NFT community as creators and collectors respond to the news.
Opensea to End Support for BNB Chain
In a statement on Friday, Aug. 18, OpenSea said that it would no longer facilitate NFT trades on BNB Chain. However, users will still be able to view, explore and transfer BNB NFTs on the platform.
Explaining the rationale behind the decision, OpenSea said:
“As our space evolves, we need to align resources with the most promising efforts. We’ve decided the cost to continue supporting [BNB chain] outweighs the impact.”
Reading between the lines, it looks like OpenSea is opting to refocus its energies on the much larger market for Ethereum-based NFTs, where it faces stiff competition from rivals.
OpenSea Claims it is Still Bullish on Multi-Chain, but Some Users Disagree
Having only launched the feature in November 2022, the decision latest is a blow to the NFT trading platform’s multi-chain ambitions.
However, OpenSea insists that it is “still bullish on a multi-chain future.”
As evidence of this, the company pointed to recently deployed Ethereum Layer 2 integrations that allow users to mint and trade NFTs on Base and Zora.
Author: James Morales
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