OpenSea Shifts Away from BNB Smart Chain, Concentrates Efforts on Advancing Layer 2 Technology

Key Points:

• OpenSea ceases support for BNB smart chains, preventing users from listing BSC NFTs.
• The decision is driven by the escalating cost of maintaining BNB Smart Chain (BSC) compatibility compared to the benefits derived.
• OpenSea’s strategic focus is redirected towards projects with high potential, specifically layer 2 solutions like Base and ZORA.

In an official statement, OpenSea announced that effective immediately, users will no longer have the capability to list BSC NFTs or create new listings on the platform using BNB smart chains. However, users will retain the ability to view, search, and transfer their existing BSC NFTs.

The OpenSea team emphasized the need to allocate resources to projects that show the most promise as the NFT market continues to expand. They justified their decision by stating that the costs associated with maintaining BNB Smart Chain (BSC) compatibility outweigh the potential benefits, leading to the discontinuation of BSC support.

“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.”

OpenSea envisions a multi-chain future as the driving force behind the growth of the NFT market. The platform’s integration efforts now focus on new layer 2 solutions, specifically Base and Zora.

Last November, OpenSea made headlines by incorporating the BNB chain into its ecosystem, aiming to enhance the NFT experience for both creators and users. However, the NFT market currently faces the challenge of remaining attractive within the broader cryptocurrency landscape.

According to data from NFT aggregator CryptoSlam, July witnessed a decline of approximately 40% in NFT sales volume. Daily sales, which commenced the month at around $22 million, dwindled to approximately $13 million by the month’s end.