Ethereum

Blur

<figure> 
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a> 
 </figcaption> 
</figure> 
OpenSea, the first mainstream marketplace for non-fungible tokens, is losing its share of the market. A series of strategic decisions in August 2023 might improve its positions. So far, the marketplace shortened the list of supported blockchains and radically adjusted its royalties policy. 
<h2 id="opensea-stops-accepting-bsc-based-nfts-statement">OpenSea stops accepting BSC-based NFTs: Statement</h2> 
Starting from Aug. 18, 2023, users of OpenSea&nbsp;will no longer be able to create new listings for or make new offers on non-fungible tokens issued on top of BNB Smart Chain, a programmable blockchain by the largest CEX Binance (BNB). This decision was announced by the OpenSea team on its official Twitter account. 
<blockquote class="twitter-tweet"> 
 Last year we added several chains, including BNB Smart Chain (BSC), after seeing excitement from the wider NFT ecosystem.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 (@opensea) <a href="https://twitter.com/opensea/status/1692598153244020776?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 18, 2023</a> 
</blockquote> 
At the same time, OpenSea is not leaving BNB Smart Chain completely. Users will still be able to&nbsp;view, discover and transfer BSC NFTs&nbsp;on OpenSea. Regarding the reasons for such a radical step, the OpenSea team admitted that continued support of BSC would not be resource-efficient in the long run: 
<blockquote> 
 Last year we added several chains, including BNB Smart Chain (BSC), after seeing excitement from the wider NFT ecosystem. 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 
</blockquote> 
However, the OpenSea team stressed its commitment to building multi-chain systems. Recently, it added support for Base, a novel Coinbase L2 platform on Ethereum (ETH), and Zora, an NFT-focused blockchain. Both Base and Zora are developed on OP Stack, an Optimism open source framework. 
OpenSea was one of the first multi-blockchain marketplaces in Web3 history. It works on Optimism, Polygon, BNB Smart Chain, Arbitrum, Base, Ethereum, Solana, Avalanche and Klaytn, according to the DappRadar tracker. 
As covered by U.Today previously, in 2023, the Blur marketplace dethroned OpenSea from its leading position in the NFT trading platforms race. 
<h2 id="opensea-s-royalties-policy-upgrade-faces-backlash">OpenSea's royalties policy upgrade faces backlash</h2> 
Amid the painful drop in NFT trading volume that stole over 90% of its turnover, Blur remains the only platform that sees all its metrics rocketing. 
Besides removing BSC support, OpenSea also adjusted its royalties policy. Starting from Aug. 31, 2023, the platform will remove the Operator Filter and make royalties optional for all newly-created collections. 
This reform was met with adamant criticism from some of the industry heavyweights. For instance, OpenSea investor Marc Cuban called the update "a huge mistake." 
<blockquote class="twitter-tweet"> 
 Not collecting and paying royalties on NFT sales is a HUGE mistake by <a href="https://twitter.com/opensea?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@opensea</a>. It diminished trust in the platform and hurts the industry. And I say this as an <a href="https://twitter.com/opensea?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@opensea</a> investor <a href="https://twitter.com/DevinFinzer?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@DevinFinzer</a>— Mark Cuban (@mcuban) <a href="https://twitter.com/mcuban/status/1692541974484549925?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 18, 2023</a> 
</blockquote> 
Some NFT development studios shared plans to sunset their collections on OpenSea due to the new fees policy.

OpenSea Ceases Supporting BNB Smart Chain, Here's Why

Table of Contents

U_Today

Other articles published on Aug 19, 2023

Bitcoin's Price Dips Below $26K Mark: Top Cryptocurrencies See Red Zone Trading

New Whale Transfers $16 Million Worth Of DOGE from Robinhood

Harbor protocol falls victim to attack, funds go missing

Bitcoin Market Plunge Confirms SpaceX’s Innocence in Billion-Dollar Drop

BANANO Monthly Update #64 (August 2023)

Account abstraction will reinvent fintech industry | Opinion

Join our free newsletter for daily crypto updates!