OpenSea argued that smart contracts were being misused and that “over 80% of the items created with this tool were plagiarized works, fake collections, and spam.” In reversing the decision, OpenSea contended that smart contracts were being misused and that “over 80% of the items created with this tool were plagiarized works, fake collections, and spam.”
In Q4 2022, the crypto collectibles and nonfungible token (NFT) marketplace OpenSea plans to integrate BNB Chain onto Seaport Protocol so that users can buy, list and trade NFTs on the platform.
Binance created BNB Chain to be a Web3-oriented blockchain network powered by its in-house token, Binance Coin.
BNB Chain’s integration into OpenSea’s Seaport Protocol will provide BNB Chain creators with multiple creator payouts, real-time payouts and collection management, among other things.
Gwendolyn Regina, Investment Director at BNB Chain, stated that she wants to provide better services to NFT creators and consumers.
OpenSea plans to make transactions on BNB Chain, its blockchain platform, more seamless by integrating with Seaport, a multi-asset cross-chain protocol. OpenSea also wants to lower gas fees, make signature confirmation simpler, and eliminate setup fees with Seaport.
OpenSea confirmed to continue enforcing royalties across all collections after receiving significant public backlash for considering otherwise.
OpenSea announced the launch of an on-chain tool that would enable creators to enforce royalties for any new collections on the platform, but it did not provide the same protection for existing collections.
OpenSea CEO Devin Finzer envisioned an on-chain tool as a “simple code snippet” that would replace the traditional system of creator fee payments. NFTs would only be available for sale on marketplaces that adopted the fee criteria.
In January 2022, OpenSea had to reverse its decision to impose hard limits on NFT minting after the community retaliated. The platform previously permitted up to five NFT collections with 50 items per collection, but then changed its policy to only allow five collections with 50 items.
Smart contracts, OpenSea argued, were being misused and that “over 80% of the items created with this tool were plagiarized works, fake collections, and spam.”