The leading NFT marketplace now supports eight blockchains
As the burgeoning NFT field struggles with low trading volumes, the leading marketplace is expanding into new blockchains.
OpenSea, which processed over $5 million in daily volume in November, launched on Binance’s BNB chain on November 29. This means users can trade BNB-native NFTs on OpenSea.
BNB Chain does not have the robust NFT ecosystem of Ethereum, which analytics provider Nansen says has flagship projects like Bored Apes Yacht Club, which has generated $28.7 million in volume over the past 30 days.
The BNB chain has generated at least $3 million in NFT volume per week over the past year, but the vast majority of that volume has come from mints, not trading.
Weekly NFT volume on the BNB chain
multichain strategy
With the integration of BNB Chain, OpenSea continues to pursue a multichain strategy. Launched in October on Avalanche, another Ethereum Virtual Machine (EVM) compatible blockchain, the marketplace already supports Solana, Polygon, Klaytn and Ethereum Layer 2s.
Despite a steady decline in volume since May, OpenSea still generated $318 million in volume in October, according to a Dune Analytics dashboard. The marketplace is taking a 2.5% cut of all sales, which would take its October revenue to $8 million.
Using data from Nansen, capturing 2.5% of the volume of the top 10 NFT projects on BNB Chain over the past 30 days would have brought OpenSea about an additional $185,000.
Overall, the BNB token has outperformed in relative terms, falling 6.6% over the past 30 days, while ETH and BTC both saw declines of over 17% over that span, according to The Defiant Terminal.
ETH Price + BNB Price + BTC Price, Source: The Defiant Terminal
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.