Opensea, one of the largest platforms for non-fungible tokens (NFTs), has announced its intention to discontinue its support for the BNB Smart Chain (BSC). Opensea clarified that the expenses associated with maintaining BSC compatibility are no longer justified by the benefits it provides.
Opensea Adapts Strategy by Removing BNB Smart Chain Involvement
On August 18, 2023, Opensea communicated its decision to halt support for BSC, following its integration with various blockchain networks in recent years. This decision aligns with Opensea’s broader strategy to phase out NFT royalty enforcement. Regarding BSC integration, Opensea explained that, in the evolving landscape of the industry, the company needs to “allocate resources to the most promising endeavors.”
Opensea conveyed, “We have determined that the costs of continuing BSC support outweigh the benefits. Starting today, users will no longer be able to create new listings for BSC NFTs or initiate new offers on this blockchain. However, BSC NFTs will still remain accessible for viewing, discovery, and transfer on our platform.”
Following Opensea’s announcement, some individuals expressed surprise at the existence of BSC support, while others seized the opportunity to voice concerns about the royalty policies. One individual commented, “I don’t understand the operational framework you have, but providing BSC support is not particularly expensive if managed correctly.”
Opensea concluded its statement by expressing ongoing optimism for a future characterized by multiple interconnected blockchains. The platform also noted that it has recently extended support to layer two (L2) blockchains, including Base and Zora. Opensea added, “We are confident that this decision will enable us to channel resources towards keeping up with the rapid innovations within our ecosystem.”
Frequently Asked Questions (FAQs) about Blockchain Integration
Why did Opensea decide to stop supporting BNB Smart Chain (BSC)?
Opensea made the decision to discontinue BNB Smart Chain support due to the increasing costs of maintaining compatibility, which were outweighing the benefits.
How does Opensea’s decision align with their broader strategy?
Opensea’s choice to phase out BSC support is part of a larger strategy that involves moving away from NFT royalty enforcement and reallocating resources towards more promising initiatives in the evolving blockchain landscape.
Will BSC NFTs still be accessible on Opensea?
Yes, while users will no longer be able to create new listings or offers for BSC NFTs, they will still have the ability to view, discover, and transfer existing BSC NFTs on the Opensea platform.
How have users responded to Opensea’s decision?
In response to Opensea’s announcement, some users expressed surprise about BSC support, while others used the opportunity to voice their concerns about royalty policies and the decision to drop BSC support.
More about Blockchain Integration
- Opensea Official Website
- Opensea Twitter
- BNB Smart Chain (BSC)
- NFT Royalties Explained
- Layer 2 (L2) Blockchains