OpenSea, the largest NFT marketplace, has announced the termination of its partnership with Binance Smart Chain (BSC), resulting in the cessation of users' capacity to list or purchase NFTs originating from the BSC blockchain on the platform.

OpenSea's decision to discontinue support for BSC NFTs stemmed primarily from financial considerations, with the expenses associated with maintaining it surpassing the profits it generated. Additionally, OpenSea has recently extended support to Base, a layer-2 blockchain network owned by Coinbase, marking a departure from its previous support for BSC, a layer-1 blockchain operated by Binance.

OpenSea, formerly a dominant NFT marketplace in terms of trade volume, has reportedly seen its position and influence diminish due to competition from rising players, such as BLUR.

Analyst QuickTake: OpenSea's decision to end its collaboration with BSC indicates a greater emphasis on cost management and profitability. This move aligns with the company's focus on optimizing resources by discontinuing support for BSC NFTs and adopting layer-2 solutions like Base. Additionally, the recent removal of the royalty enforcement tool emphasizes OpenSea's commitment to adapting its platform to meet the evolving demands of the NFT community.