Robert Steinadler, 6 months ago

OpenSea has integrated BNB Chain

OpenSea is the biggest NFT marketplace in the world and in 2022 the platform integrated new blockchains. Each chain is home to a unique ecosystem of all kinds of collections. The most recent addition is the BNB Chain.

How is OpenSea doing, and what can we expect from NFTs based on BNB Chain?

OpenSea is shrinking despite platform growth

The bear market has taken its toll even from OpenSea. With shrinking volumes and all-time lows even for the most iconic NFT collections. Despite this downtrend, NFTs are still a hot topic and a market that is constantly changing.

It appears that the spirit of creative NFT projects is still unbroken. Every day more collections are released and are offered for sale only minutes after they got minted. The fast-moving environment also requires that OpenSea is able to shift and support new ideas and even more important new blockchains.

Yesterday, the marketplace announced that BNB Chain is now officially supported. This step comes as no surprise since other chains like Solana, Klaytn, and Avalanche have become part, too. Optimism and Arbitrum also became an addition and OpenSea is fighting for its market share. Competitors like MagicEden on Solana have proven in the past that they can attack the position of the biggest platform despite their smaller size. It appears that every niche is significant to OpenSea in order to keep its leadership position.

BNB Chain has its own ecosystem

The most prominent NFT collections are still part of Ethereum with names like the CryptoPunks or the Bored Ape Yacht Club. BNB Chain offers a very different but nevertheless interesting ecosystem of non-fungible tokens.

Such as financial NFTs that are tied to DeFi applications like PancakeSwap. Others are part of blockchain-based games such as Battle Pets. It is believed that the gaming sector could play a potentially critical role in the future of NFTs. User own in-game content through holding unique tokens.

Other mentionable collections are Mobox, PixelSweeper, and Pancake Bunnies. Kindly note that these are only examples and are in no way endorsed by LiteBit. Overall, users who haven’t gotten in touch with the ecosystem might find something new and interesting on OpenSea when browsing BNB Chain NFTs. While many coins and tokens are plummeting, some NFT projects create multiples of returns even in a bear market. Of course, this growth comes with risks. Only very few projects stand the test of time and provide long-lasting value.

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