OpenSea Launches On BNB Chain
Leading NFT Marketplace Now Supports Eight Blockchains
By: Owen Fernau • Loading...
NFTs & Web3![OpenSea Launches On BNB Chain](/_next/image?url=https%3A%2F%2Fcdn.sanity.io%2Fimages%2F6oftkxoa%2Fproduction%2F991fb72c35ed97c6166f37206dd72bac93f1e6ab-880x496.jpg&w=828&q=75)
As the nascent NFT field struggles with low trading volumes, the leading marketplace is expanding onto new blockchains.
OpenSea, which processed over $5M of daily volume in November, launched on Binance’s BNB Chain on Nov. 29. This means that users will be able to trade BNB-native NFTs on OpenSea.
BNB Chain doesn’t sport quite the robust NFT ecosystem of Ethereum, which has flagship projects like Bored Apes Yacht Club accounting for $28.7M in volume over the last 30 days, according to analytics provider Nansen.
BNB Chain has generated at least $3M of NFT volume per week over the past year, but the vast majority of that volume comes from mints, rather than trading.
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Weekly NFT Volume on BNB Chain
Multichain Strategy
With the integration of BNB Chain, OpenSea continues to pursue a multichain strategy. The marketplace launched on Avalanche, another Ethereum Virtual Machine (EVM) compatible blockchain, in October, and already supports Solana, Polygon, Klaytn, and Ethereum Layer 2s.
Despite a consistent downtrend in volume since May, OpenSea still generated $318M of volume in October, according to a Dune Analytics dashboard. The marketplace takes a 2.5% cut of all sales, which would put its October revenue at $8M.
Using data from Nansen, taking 2.5% of the volume on the top 10 NFT projects on BNB Chain over the past 30 days would have netted OpenSea roughly an additional $185,000.
Overall, the BNB token has outperformed in relative terms, dropping 6.6% in the last 30 days while ETH and BTC have both seen drops of over 17% in that span, according to The Defiant Terminal.
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