The move will make it possible for BNB Chain producers who want to display and sell digital collectibles on OpenSea's marketplace to receive multiple creator rewards, collection management and other advantages.
According to Gwendolyn Regina, investment director at BNB Chain, one of the largest blockchains by daily active users, "The integration will bring a large number of creators into the wider ecosystem, as well as empower the creators and NFT initiatives inside the BNB Chain ecosystem.”
Over 1,300 decentralized applications (dapps) from a variety of sectors, such as blockchain gaming, metaverse, decentralized finance (DeFi), and NFTs, are already supported by the BNB ecosystem.
It introduced a $10 million fund last month to encourage blockchain growth.
OpenSea said in September that it would be adding support for more blockchains and languages in order to maintain its position as the largest NFT marketplace in the world.
A Multichain Approach
OpenSea has integrated BNB Chain as part of its ongoing multichain strategy.
The marketplace debuted in October on Avalanche, a blockchain that is also compatible with the Ethereum Virtual Machine (EVM), and already supports Optimism, Polygon, Klaytn, Solana, Arbitrum, and Ethereum Layer 2s.
According to a Dune Analytics dashboard, OpenSea generated a $318 million volume in October despite a steady decline in volume since May.
If the marketplace retained 2.5% of each sale, its October revenue would have been $8 million.
According to Nansen data, taking 2.5% of the volume on the top 10 NFT projects on BNB Chain over the previous 30 days would have brought in an extra $185,000 for OpenSea.