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NFTs News

OpenSea Stops BNB Smart Chain Support, Focuses Resources On Layer 2’s Future

August 19, 2023 - Around 2 mins mins to read

Key Points:

  • Opensea announced that it will stop supporting BNB smart chains, and users will be unable to list BSC NFT.
  • The reason is that the cost of continuing to support the BNB Smart Chain (BSC) is greater than the resources obtained.
  • To develop the market, resources need to be focused on the most promising projects, such as layer 2 like Base and ZORA.
OpenSea Stops BNB Smart Chain Support, Focuses Resources On Layer 2's Future
In a recent announcement, OpenSea tweeted that starting today, users will no longer be able to list BSC NFTs or provide new citations, but they will still be able to view, search, and transfer BSC NFTs.

The team said that as the market continues to grow, resources should be focused on the most promising projects. They believe that the cost of continuing to support the BNB Smart Chain (BSC) is greater than the reward, so they have decided to end support for BSC.

“But as our space evolves, we need to align resources with the most promising efforts. We’ve decided the cost to continue supporting BSC outweighs the impact.”

The future of growth of the NFT market is now defined by the platform as a multi-chain future, and the new layers 2 that Opensea integrates are Base and Zora.

Last November, the market-leading NFT Platform announced the integration of the BNB chain to enhance the NFT experience for creators and users. However, NFT currently needs to be more attractive in the crypto market.

According to NFT data aggregator CryptoSlam, sales volume fell about 40% in July. Daily sales were around $22 million at the beginning of the month, but by the end, they had dropped to about $13 million.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

NFTs News

OpenSea Stops BNB Smart Chain Support, Focuses Resources On Layer 2’s Future

Key Points:

  • Opensea announced that it will stop supporting BNB smart chains, and users will be unable to list BSC NFT.
  • The reason is that the cost of continuing to support the BNB Smart Chain (BSC) is greater than the resources obtained.
  • To develop the market, resources need to be focused on the most promising projects, such as layer 2 like Base and ZORA.
OpenSea Stops BNB Smart Chain Support, Focuses Resources On Layer 2's Future
In a recent announcement, OpenSea tweeted that starting today, users will no longer be able to list BSC NFTs or provide new citations, but they will still be able to view, search, and transfer BSC NFTs.

The team said that as the market continues to grow, resources should be focused on the most promising projects. They believe that the cost of continuing to support the BNB Smart Chain (BSC) is greater than the reward, so they have decided to end support for BSC.

“But as our space evolves, we need to align resources with the most promising efforts. We’ve decided the cost to continue supporting BSC outweighs the impact.”

The future of growth of the NFT market is now defined by the platform as a multi-chain future, and the new layers 2 that Opensea integrates are Base and Zora.

Last November, the market-leading NFT Platform announced the integration of the BNB chain to enhance the NFT experience for creators and users. However, NFT currently needs to be more attractive in the crypto market.

According to NFT data aggregator CryptoSlam, sales volume fell about 40% in July. Daily sales were around $22 million at the beginning of the month, but by the end, they had dropped to about $13 million.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.