OpenSea will incorporate the BNB Chain into the Seaport Protocol by Q4 2022

OpenSea will incorporate the BNB Chain into the Seaport Protocol by Q4 2022

In an announcement made before the end of Q4 2022, OpenSea, a marketplace for cryptocurrency collectibles and NFTs, said it would be integrating the BNB Chain on the Seaport Protocol. Due to the connection, users of the OpenSea marketplace will be able to purchase, list, and trade BNB Chain NFTs.

Binance Coin, the in-house currency of the exchange, is the fuel that drives BNB Chain, a blockchain network designed specifically for the Web3. Among other things, the goal of incorporating BNB Chain into OpenSea’s Seaport Protocol is to provide BNB Chain creators with the ability to receive numerous creator payouts in real time and to manage their collections.

Investment Director at BNB Chain Gwendolyn Regina stated her company’s desire to enhance the NFT development and user experience. After that, she said:

“The integration will bring a large number of creators into the wider system, as well as empower the creators and NFT initiatives inside the BNB Chain ecosystem.”

Our hope is that with this connection, we can cut down on petrol expenses, streamline signature confirmation processes, and do away with initial charges altogether. OpenSea plans to expand its reach by deploying Seaport on various blockchains, not just BNB Chain.

Retaliation from the community led to OpenSea abandoning its plan to institute strict rules on NFT minting in January 2022. For the time being, the platform’s policy was altered to limit NFT collections to five, each containing a maximum of fifty items.

OpenSea argued that the decision should be reversed since smart contracts were being misused and “more than 80% of the things created with this tool were plagiarized works, fake collections, and spam.”

Latest NFT News, Trendings and Tutorials, right at your inbox, every Monday

The post OpenSea will incorporate the BNB Chain into the Seaport Protocol by Q4 2022 appeared first on NFT News Pro.



from NFT News Pro https://ift.tt/Y6xzC3W

Comments

Post a Comment

Popular posts from this blog

How to make money with NFTs?

Image
In the following, we will learn about NFTs and the best ways to make a profit with NFTs in 2022.  Non-fungible tokens or NFTs are attracted lots of attention among investors since 2021. They have been one of the most profitable blockchain-based assets. NFTs such as The Merge, sold for $91.8 million, and Everyday: The First 5000 Days by Beeple , sold for $69.3 million, even caused more changes in how the world estimated the profit of the digital collectibles. But, do you need to spend so much money to gain profit from NFTs? The answer is a big no! Although lots of NFT artists and investors have made lots of fortune through creating NFTs, there are also other ways to take advantage of the market. Before knowing how to get rich through NFTs, first, you have to know what exactly NFTs are. If you already know about NFTs so go to the next section. What is an NFT? Non-fungible tokens or NFTs are digital assets that cannot be changed or duplicated. Each NFT, therefore, is one-of-a-kind
Read more

NFT Legal Issues and Risks

Image
Several factors influence the interest in NFTs, including the popularity of blockchain technology, growing interest in cryptocurrencies, and interest in digital art and collectibles. However, the growth of the NFT market brings about legal risks and issues associated with non-fungible tokens as digital assets. The NFT market is crowded with lots of NFT projects which makes investors think carefully before buying a digital asset due to the high risk of fraud. Most NFT investors are not fully aware of the legal risks and issues associated with NFTs, though there is currently little legal protection for investors in the NFT market. In the following, we aim to inform our readers about legal issues and risks associated with NFTs and the market they may face in 2023. Copyright Infringement One of the most important issues for an NFT creator is to know the rights they acquire by creating a non-fungible token. If an NFT is produced based on someone else’s work or idea without their conse
Read more

How to Add Utility to an NFT?

Image
There are several factors that determine the success of an NFT project. In the long term, though, a few factors make an NFT valuable in the market. NFT utility is a key to NFT investors and collectors which convince them to invest in a project and become a member of the community. Adding utility to an NFT project can create real-world value for the project and take it to new heights. In fact, NFT utility allows an NFT to transform from a simple digital token to a highly desirable and valuable asset. If you are also thinking about adding utility to your NFTs, here is all you need to know. In this article, we provide a complete guide about NFT utility, its types, NFT utility apps, and examples of successful utility NFTs. What is NFT Utility? In simple terms, utility refers to the additional benefits or services that add to the value of an asset. Utility NFTs refer to digital tokens that have a practical application and, therefore, higher values. Such utilities can be the key to t
Read more