OpenSea Activity Halts, Indicates Need for NFT Marketplace on BSC

OpenSea Stops Working

The OpenSea marketplace briefly stalled on Sunday, signaling an over-reliance on the crypto industry for one main non-fungible token (NFT) marketplace. The attention of the NFT market proves an overreliance on OpenSea and the Ethereum blockchain. 

The outing was first reported on Twitter around 13:00 UTC on October 10th and lasted for just over an hour. The issue was reported by users who saw problems listing new projects, causing several project delays and listings. 

“OpenSea activity has been broken for over an hour now. This is very bad and we are too reliant on one platform. Share to others who may be confused about NFT activity,” tweeted the Loopify account. 

Even smaller artists felt the pressures from the delay. Long hours of hard work and marketing can come down to how successful a project launch is. Any sort of unexpected delay can be a dynamic maneuver. Others seem to be able to power through…

“There’s a problem site-wide, making it unable to list anything at the moment. We have to wait until Opensea fix the problem internally [crying face emoji] and this is really out of my hand. I have to apologize for the delay!” tweeted @MeMiann_NFT.

Judging by the follow-up tweets from MeMiann’s account, her launch appeared quite successful despite the delay. 

The Need for an Alternative

The NFT market has seen a slow proliferation off of the Ethereum chain. The huge swell of notoriety and liquidity onto Solana recently can largely be attributed to the burst of NFT creativity on the chain. So much so that its chain suffered resource exhaustion in September. 

Many users will bemoan the lack of a proper NFT marketplace on Binance Smart Chain (BSC), however, BSC may finally be catching up. The chain may have waited until the end of 2021 to catch up to the hottest trend in crypto. 

Great and innovative NFT projects have started to crop up on the BSC network. Platforms like Bakery Swap, Featured by Binance, NFTb, Binance Marketplace, and others have built solid projects with little user base. 

It could be said the BSC has too many good platforms at this time. And it’s only a matter of time before users turn their eyes to the quality of NFTs emerging on BSC. 

The enormous creativity of NFTs can usher in a creative renaissance and bring a new economic system. Binance Smart Chain has not missed the boat on NFTs. In some ways, the potential of NFTs has not reached its full potential without cultivating on BSC.