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Today the market leading non-fungible token (NFT) marketplace, Opensea, will begin listing NFTs from BNB Chain, one of the world’s largest smart contract-enabled blockchains, allowing users to buy and sell NFTs seamlessly on Opensea’s platform.
The move will see Opensea integrate BNB Chain into its Web3 marketplace protocol called Seaport, which will allow for multiple, real-time creator payouts, enhanced collection management and creators to avoid high gas — the blockchain-specific term for transaction fees — while cutting setup costs for new users.
"The integration will bring a large number of creators into the wider system, as well as empower the creators and NFT initiatives inside the BNB Chain ecosystem," said Gwendolyn Regina, BNB’s Investment Director.
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Previously, users were only able to view BNB Chain NFTs on Binance's NFT marketplace, in addition to a handful of lesser-known marketplaces, posing an interoperability issue to end users.
The BNB Chain integration sees OpenSea increase the number of chains available to users to eight, with the Avalanche C-Chain also having recently been incorporated to the NFT marketplace.
The move could provide competition to ethereum, the leading blockchain for NFT market share, as the BNB Chain represents a cheaper alternative in terms of the amount of gas required to mint an NFT. The ERC-721 non-fungible standard adopted by ethereum can cost users tens of dollars in minting fees, of which represent the payment made to the blockchain to facilitate the minting transaction.