OpenSea Ends Support for BSC NFTs
NFT marketplace OpenSea has announced that it will no longer support NFTs minted on the Binance Smart Chain (BSC) due to cost-reduction efforts. Users will still be able to view and transfer BSC NFTs on the platform, but listing and buying will no longer be possible.
Key Points:
– OpenSea’s decision to end support for BSC NFTs is surprising, considering the popularity of the Binance Smart Chain among the NFT community as a cheaper alternative for minting NFTs.
– OpenSea has recently added support for Coinbase-owned layer-2 network Base, while ending support for BSC, which is owned by Binance.
– OpenSea has faced criticism from the NFT community for its decisions, including the enforcement of creator royalties. The platform recently announced the termination of its Operator Filter feature, a move that has been met with backlash and could lead to a decline in trading volume.
– Yuga Labs, the creators of popular NFTs BAYC and MAYC, have announced their intention to end support for OpenSea’s SeaPort in order to protect creator royalties.
Hot Take: OpenSea’s Decision Raises Concerns
OpenSea’s decision to end support for BSC NFTs and terminate the Operator Filter feature may not be well-received by the NFT community. The platform’s attempts to balance profitability and user sentiment have resulted in criticism and potential loss of support from key players. This could impact OpenSea’s position as the leading NFT marketplace and give rise to alternative platforms like BLUR. OpenSea needs to reevaluate its decision-making process and prioritize the protection of creators’ royalties to regain trust and maintain its position in the NFT space.
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