Will OpenSea’s listing of BNB Chain NFTs be a game changer for the blockchain?

BNB Chain NFTs will now be available for listing and sale on OpenSea A significant amount of growth was registered in BNB’s NFT ecosystem over the past few weeks

BNB recently made a huge announcement regarding its NFT ecosystem that created excitement in the community. According to the official tweet, BNB Chain NFTs will now be available for listing and sale on OpenSea.

This new development will help improve the NFT trading experience of more than one million users across the globe.

BNB Chain NFTs will now be available for listing and sale on @opensea.

The move will enhance #NFT trading experience for over 1 million existing users.

The integration with OpenSea’s standard core marketplace will enable #BNBChain support for creators to buy and list NFTs. ???? pic.twitter.com/ePmYDHMui7

— BNB Chain (@BNBCHAIN) November 29, 2022

Soon after this update was revealed, several NFTs, such as HorrorApes and PanecakeSquads, were notified that they were now listed on OpenSea.

How is BNB’s NFT space doing

Out of no surprise, BNB’s NFT ecosystem witnessed growth over the last 24 hours, thanks to this new listing. As per Cryptoslam’s data, BNB’s NFT sales volume went up by more than 3.5% over the last day.

Interestingly, Santiment’s data revealed that after a decline, BNB’s total NFT trade count and NFT trade volume in USD also spiked on 29 November, which was, indeed, a positive update for the investors.

Source: Santiment

Besides the growth in the NFT space, a couple of other developments also took place in the BNB ecosystem. For instance, Revo announced that it was all set to integrate with the BNB Chain.

Hey #BNB fam, join us in welcoming the exciting @R3VO_XYZ to BNB Chain! ???????? https://t.co/XtVaD39ayC

— BNB Chain (@BNBCHAIN) November 29, 2022

The updates were well reflected on BNB’s daily chart as its price increased by nearly 9% over the past seven days.

According to CoinMarketCap, at press time, BNB was trading at $299.02 with a market capitalization of more than $47.8 billion.

Interestingly, BNB’s open interest surged considerably during the past few days. Coinalyze’s data revealed that BNB’s open interest in futures contracts registered an 8% increase. Evidently, the derivative market was not at rest.

Curiously enough, a look at BNB’s on-chain metrics raised a few concerns. Though BNB’s MVRV Ratio registered a slight uptick lately, it was still considerably below, compared to the reading of 26 November.

Moreover, BNB’s velocity also declined sharply, which might be a danger sign that investors can consider before finalizing their trade.

Source: Santiment

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