Binance NFT – Binance’s native NFT marketplace – has today enabled multi-chain support for transfers between Binance Smart Chain and Ethereum.
With multi-chain support now added, Binance customers can now easily deposit their NFTs, list them for sale or trade and withdraw them to other platforms like OpenSea.
To deposit and withdraw NFTs using the new feature, customers can use a Web3 wallet like Metamask that is connected to a Binance Account.
According to Binance, the launch of these two features “elevates Binance NFT to an open marketplace ecosystem” – a sign that may indicate Binance is stepping up its efforts in challenging OpenSea’s market dominance of the space.
In a recent blog post, Binance said the multi-chain expansion is “part of our commitment to building an expansive ecosystem” and emphasised the advantages of using Binance’s native marketplace.
Binance also said that collectors “can now leverage the largest crypto community in the world” and sell and trade their NFTs “on a grander scale” – another signal that Binance is serious in its efforts to take the top spot in the emerging NFT marketplace space.
As NFTs continue to dominate the space, a spate of exchanges have now also jumped on board and launched their own NFT marketplaces alongside Binance.
The first was FTX in October, which has taken a Solana-focused approach alongside multi-chain integration with Ethereum.
Coinbase then threw its hat into the ring and announced its own native marketplace, Coinbase NFT – much to the delight of the wider NFT community.
Many in the community have speculated that an exchange-based NFT marketplace is the most likely option to topple OpenSea from its top spot due to the enormous capital backing and vast userbases.
Other more novel NFT marketplaces have also emerged too – NFTTrader is now enabling trades and 1-for-1 swaps across a variety of NFTs to help users save on fees and added costs.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.