After Solana, Avalanche and other sidechains, OpenSea has a new blockchain on board: the BNB Chain. This will allow more exposure of the projects to the usual audience of OpenSea even though the amount of NFT in BNB is relatively small.
Openea: from Ethereum to Binance Smart Chain
By expanding the choice of publicly available blockchains, OpenSea reaffirms its desire to connect the NFT community, any blockchain is integrated. Since the beginning of 2022, the platform thus began to integrate many other blockchains than Ethereum. After Polygon, it’s time to side chain Avalanche, Optimism and Arbitrum, followed by Solana. The latest arrival is the BNB Chain!
To begin with, these collections with activity after January 1, 2022 will be visible on OpenSea. Previous data has been added and more NFTs should be seen in the coming times. projects like Monster Polychain, Mobox Avatar or Thetan Arena.
So it seems that the projects are not listed, at the moment, in the same way as the Ethereum ones that appear automatically.
>> Not your keys not your coins! Opt for a trivial hardware wallet, choose Ledger (commercial link) <
NFT in BNB: relatively low volume
Although BNB is the blockchain with the most active wallets, it is nevertheless one of the ones that creates the least volume of the NFT market. Looking at NFTScan, the top 5 NFT markets in BNB are PancakeSwap, TofuNFT, BitKeep, NFTrade and Element.
Since their launch, these platforms have accounted for a volume of 617,103 BNB (approximately $185 million as of 11/30/2022). For comparison, OpenSea has accumulated 198,358 ETH in transactions in the last 30 days, or about $250 million.
Perhaps to compensate for this low activity, OpenSea displays the history of volumes sold for each collection. Easy, except that these volumes are not from OpenSea and it makes reading the data a bit misleading for the user who is not from the Binance universe.
A growing monopoly?
Does OpenSea want to remain the dominant player in the NFT market in any way? Indeed, some voices have criticized the platform’s recent “anti-competitive” practices. Some markets have reduced or left the possibility for buyers to customize royalties.
By blacklisting some market addresses like Looks Rare hope X2Y2, it is no longer possible to sell a collection created from OpenSea in some NFT markets. Is it the same for other NFT markets that many chains like element hope TofuNFT ?
By positioning itself as the sole interlocutor for projects, artists, platforms and institutions, it seems that OpenSea is in the process of further expanding its monopoly on the NFT market. It must be said that the competition is fierce in the form of new players such as Blur.
In crypto, don’t economize on caution! Therefore, to keep your crypto assets safe, the best solution is still a personal hardware wallet. In Ledger, there is something for all profiles and all cryptos. Don’t wait to put your capital in safe (commercial link)!