crypto strategy

OpenSea launches on the BNB channel – The Defiant

Market Leader NFT Now Supports Eight Blockchains

As the nascent field of NFT struggles with low transaction volumes, the leading market is growing on new blockchains.

OpenSea, which processed over $5 million in daily volume in November, launched on Binance’s BNB channel on November 29. This means that users will be able to trade BNB native NFTs on OpenSea.

BNB Chain doesn’t quite own Ethereum’s robust NFT ecosystem, which has flagship projects like Bored Monkey Yacht Club representing $28.7 million in volume over the past 30 days, according to analytics provider Nansen.

BNB Chain has generated at least $3 million in NFT volume per week over the past year, but the vast majority of that volume comes from coins rather than trading.

Weekly NFT volume on BNB channel

Multi-chain strategy

With the integration of BNB Chain, OpenSea continues its multi-chain strategy. The market was launched on avalancheanother Ethereum Virtual Machine (EVM) compatible blockchain, in October, and already supports Solana, PoIygonKlaytn and Ethereum Layer 2.

Despite a steady downward trend in volume since May, OpenSea still generated $318 million in volume in October, according to Dune Analytics dashboard. The market takes a 2.5% cut in all sales, which would take its October revenue to $8 million.

Using Nansen’s data, taking 2.5% of the volume on the top 10 NFT projects on BNB Chain over the past 30 days would have earned OpenSea about an additional $185,000.

Overall, the BNB token has outperformed in relative terms, falling 6.6% over the past 30 days, while both ETH and BTC have seen declines of more than 17% over the past 30 days. period, according to The Defiant Terminal.

ETH Price + BNB Price + BTC PriceSource: The Defiant Terminal

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