OpenSea Ends BSC NFT Support

Opensea will be removing support for listings and making new offers on Binance Smart Chain (BSC) NFTs

The announcement came through a post on the X platform (formerly known as Twitter) on August 17.

Opensea conveyed that users would no longer have the ability to list or purchase NFTs minted on the BSC chain on the platform.

The platform however emphasised that users would retain the capability to view, explore, and transfer BSC NFTs within the system.

What is Opensea?

Opensea is an online platform where people can buy, sell, and trade digital items known as NFTs, or Non-Fungible Tokens, digital assets that prove ownership or authenticity of things like digital art, music, videos, and other collectibles on the blockchain.

Opensea acts as a marketplace for these NFTs, allowing users to explore, buy, and sell a wide range of digital creations.

Once the leading NFT marketplace in trading volume, it has seen its supremacy challenged by a fresh contender named BLUR, as indicated by data from DappRadar, an analytical firm.

Critics have pointed fingers at Opensea for orchestrating its own downfall.

The company has faced criticism for making pivotal decisions that have not resonated well with the NFT community.

One such pivotal decision revolves around the enforcement of creators' royalties.

This is unlike other platforms like BLUR, which embraced a clear stance from the beginning,

Opensea has wavered between creators' and users' preferences, seemingly swayed by whichever side appears more financially advantageous for its business model.

Coinlive previously reported on how Opensea is making all creator fees voluntary from August 31.

NFT entity Yuga Labs, responsible for BAYC and MAYC creations, responded to Opensea's announcement by revealing their plans to gradually withdraw support for Opensea's SeaPort.

This development could potentially contribute to a further decline in Opensea's trading volume.

According to YugaLabs' CEO, Daniel Alegre, this decision aligns with their dedication to safeguarding creators' royalties and ensuring fair compensation for their artistic contributions.