OpenSea, the digital non-fungible token (nft) marketplace, has expanded its presence on multiple chains after launching the Pro version to the Polygon sidechain.
Coming to X on November 2, OpenSea saying Users can now buy and sell NFTs on different marketplaces and blockchain networks. Additionally, OpenSea has launched a cross-chain bridging feature with Socket, a web3 infrastructure for on-chain social interactions. This feature allows users to send tokens to other chains and exchange them “in a single flow.”
Open sea supports several ledgers, offering cross-blockchain compatibility on ethereum, Polygon, BNB Chain (formerly Binance Smart Chain), Base, and more.
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With the latest update, OpenSea seems interested in serving sophisticated and experienced nft traders across multiple networks.
Key nft creators like Yuga Labs recently reconsidered their listings on Blur and OpenSea, defying recent royalty cuts.
As previously reported, Blur and OpenSea have significantly reduced the royalty percentages creators receive from secondary market transactions as they aim to increase transaction volumes in the declining nft market.
Despite declining royalties, many nft collections are expanding into different markets, such as gaming or physical collectibles.
For example, Pudgy Penguins has diversified into merchandise, growing its sales to $7 million, compared to a mere $300,000 earned from nft royalties alone.
