Digital collectibles and non-fungible tokens (NFT) marketplace OpenSea has announced plans to integrate BNB Chain into its NFT marketplace protocol by the end of 2022. Integration with Seaport Protocol will allow users to buy, post and trade NFTs from BNB Chain on OpenSea.
BNB Chain was created by Binance to operate as a Web 3.0-centric blockchain network and powered by the exchange’s internal token, BNB (BNB). The integration of BNB Chain into OpenSea’s Seaport Protocol aims to provide BNB Chain creators with multiple creator payouts, real-time payouts, and collection management, among others.
Gwendolyn Regina, Chief Investment Officer at BNB Chain, said the intention is to offer better experiences for NFT creators and users. And she added:
“The integration will bring a large number of creators into the broader system, as well as empower NFT creators and initiatives within the BNB Chain ecosystem.”
The integration aims to reduce gas fees, provide easier signature confirmation actions, and eliminate setup fees. In addition to BNB Chain, OpenSea plans to leverage Seaport through multiple blockchain networks to reach more users
OpenSea has recently confirmed that it will continue to apply copyright on all collections, after receiving harsh public criticism for believing otherwise.
The community pushback came after OpenSea announced the release of an on-chain tool that would allow creators to enforce copyright for any new collection on the platform, but stopped short of offering the same to existing collections. .
The on-chain tool, described by OpenSea CEO Devin Finzer as a “simple piece of code”, was intended to take over the existing system of voluntary payment of commissions from creators. The code would also restrict NFT sales to only markets that apply the creator fee criteria.
In January 2022, OpenSea also had to backtrack on its attempt to impose limits on NFT mints following community outcry. The platform had tried to limit creators to only making five NFT collections with a maximum of 50 items each.
Well… For instance, I committed myself to a 100 piece collection. I’m currently at 96 out of the 100… And now I’m stuck with this message and I can’t complete it. Ever. Thanks! pic.twitter.com/DdLRNpiucI
— Hammy.eth (@HamsterNFT) January 27, 2022
While reversing the decision, OpenSea argued that smart contracts were being misused and that “more than 80% of the articles created with this tool were plagiarized works, fake collections, and spam.”
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