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OpenSea ends 2022 with major partnerships and $1B in NFT royalties

OpenSea

TL;DR Breakdown

  • By the end of the year, BNB Chain will integrate its NFT into OpenSea’s Seaport protocol
  • NFT creators earned over $1 billion in royalty payments on OpenSea’s platform by November 23, 2022
  • OpenSea recommits to continue supporting NFT creators

The year has had one of the harshest crypto winters in history. Despite the fact that investors have suffered significant losses, several DeFi sectors have prospered in 2022. The OpenSea NFT market has had exceptional success in the crypto red markets. By the end of the year, BNB Chain will reportedly integrate its non-fungible tokens (NFT) onto the OpenSea Seaport protocol.

In addition, according to a report published by the NFT marketplace, creators who sold NFTs on the platform made a total of $1.1 billion this year, with 80 percent of that amount going to collections outside the top 10. The platform intends to continue supporting creators and their rights in order to present investors with the highest-quality assets.

OpenSea ends 2022 with major partnerships and $1B in NFT royalties 1
Source: OpenSea

OpenSea adds support for BNB Chain NFTs

Reports indicate that the partnership between OpenSea and BNB Chain will enable multiple creator rewards, collection management, and other benefits for BNB Chain creators who seek to list and trade digital assets on the biggest NFT marketplace.

The NFT platform announced on Twitter that by listing NFTs built on the BNB Chain, it would be able to allow trades for player-created collections such as Goodfellas NFT and Pixelsweeper. After the official announcement, Gwendolyn Regina, investment director at BNB Chain, stated:

Our goal is to give the best in class experience to NFT creators and users, and this is a significant step in that direction as BNB Chain NFTs will now be available for listing and sale on OpenSea, the world’s largest NFT marketplace by volume. The integration will bring a large number of creators into the wider system, as well as empower the creators and NFT initiatives inside the BNB Chain ecosystem.

Gwendolyn Regin

The integration will drive additional users from the BNB Chain NFT community to OpenSea, with multiple projects fighting for the coveted position in the broad marketplace. BNB Chain’s blockchain technology will also provide OpenSea customers access to the popular blockchain’s efficient and low-cost trading capabilities.

While BNB Chain trade volumes represent a small fraction of the number of transactions performed by NFTs built on the Ethereum and Solana blockchains, the platform’s statement reflects a commitment to expanding its marketplace by supporting a wide variety of NFTs developed on various blockchains.

The BNB ecosystem already supports more than 1,300 dApps across a wide range of categories, including DeFi, metaverse, blockchain games, and NFTs. It created a $10 million fund to promote blockchain development last month.

OpenSea now supports NFTs built on Ethereum, Polygon, Klaytn, Solana, Arbitrum, Avalanche, and Optimism. Creators and users should both benefit from the new integration. All NFT users should applaud the long-awaited merger of two once-separate parties.

NFTs bag a billion in NFT royalties

The data marks a new dawn for NFT creators. Despite volatile market conditions, this year’s payments continue to be novel. Prior to the 2018 establishment of the NFT standard, there were no creator fees. The NFT marketplace enabled them to invite additional creators.

These earnings do not include sponsorship income, incentives for engagement, or grants. According to a blog post by OpenSea’s vice president of product, Shiva Rajaraman, creator fees were included in transactions from January 1 to November 23.

OpenSea market analysts were stunned by the findings, especially when compared to the creator compensation of other well-established platforms. According to the data, Facebook and Instagram creators were to be reimbursed with over $1 billion between July 2021 and December 2022.

DeFi is performing far better than conventional banking institutions. In 2020, TikTok pledged to pay creators $1 billion over the subsequent three years. In addition, Snapchat paid its top creators $1 million daily, totaling $365 million yearly.

In its nine years of existence, Patreon has distributed $3.5 billion to creators (as of 2021). OpenSea, which has held the status of one of the largest marketplaces in terms of monthly volume for a long time, has supported its enforcement to this point.

OpenSea ends 2022 with major partnerships and $1B in NFT royalties 2
Source: OpenSea

OpenSea takes a stand on NFT creators

This month, the NFT marketplace developed a tool that enforces on-chain royalties to let creators launch new collections on the network. The smart contract’s code restricts sales of NFTs to markets that charge creator fees.

Some marketplaces have made creator fees optional or eliminated them entirely to cut consumer costs this year. Creator fees are a revolutionary innovation of web3, allowing creators to share the value of resales finally.

The platfprm is a proponent of the NFT environment, where each person can construct their own universe. They want to increase their efforts to empower creators and aid in developing more efficient and innovative revenue streams.

They serve as a reminder that, while many NFT marketplaces have struggled with stability and value, OpenSea’s commitment to protecting its community has remained strong.

Florence Muchai

Florence Muchai

Florence is a crypto enthusiast and writer who loves to travel. As a digital nomad, she explores the transformative power of blockchain technology. Her writing reflects the limitless possibilities for humanity to connect and grow.

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