OpenSea’s latest announcement has sent ripples through the NFT realm. The platform disclosed its decision to discontinue NFT transactions on the Binance Smart Chain (BNB Chain), shifting its focus to Ethereum-based NFTs due to heightened competition and more promising prospects.

While users can still explore and transfer BNB NFTs on OpenSea, the platform will no longer facilitate trades on the BNB Chain, citing the disproportionate cost of support compared to the benefits.

Despite the cessation of BNB Chain support, OpenSea remains steadfast in its commitment to a multi-chain future. It highlighted recent integrations with Ethereum Layer 2 platforms like Base and Zora, enabling users to mint and trade NFTs.

OpenSea’s multi-chain approach extends to networks like Arbitrum, Optimism, Polygon, Avalanche, Klaytn, and Solana. Yet, some users express skepticism on Twitter, noting the unfulfilled promise of Tezos-based NFT support announced in early 2021.

OpenSea has garnered attention for its decision to cancel mandatory artist royalties. Previously, the platform prevented transfers to platforms not upholding creator fee payments. However, starting August’s end, this restraint will be lifted, eliminating the obligation for NFT traders to pay artist royalties.

OpenSea’s CEO Devin Finzer clarified the intention behind the royalty model, aiming to empower creators with web3 business model control. However, achieving consensus across the web3 ecosystem proved elusive, prompting this change.

These policy shifts have sparked significant reactions within the NFT community. Calls for a platform boycott emerged from various quarters, reflecting the impact of these strategic adjustments.