OpenSea Pro integrates with Polygon for interoperability of NFT trades

OpenSea, which is the world’s first and largest Web3 marketplace for non-fungible tokens (NFT), has announced releasing its Pro version on the Polygon network.

This move is aimed at enhancing cross-chain asset trades between Ethereum and Polygon. It is in line with the platform’s initiative to promote interoperability within the Web3 ecosystem.

Users can now buy and sell NFTs on different marketplaces and blockchain networks. They will benefit from the ability to easily switch between Ethereum and Polygon, improving the NFT trading experience.

The news came along with the announcement of a collaboration with Socket, which is a Web3 infrastructure for social interactions on-chain.

The tie-up will allow users to send tokens to other chains and swap them “in a single flow”, giving them a seamless experience in bridging tokens across multiple blockchains.

The updated platform of OpenSea Pro also simplifies the previously complex task of transferring assets between chains. It now offers an effortless way to trade one type of token for another. This is aimed at attracting a broader audience to the NFT marketplace.

The strategic move comes on the back of Binance NFT’s departure from the Polygon network. In September this year, the leading cryptocurrency exchange announced ending support for Polygon because of “ongoing efforts to streamline product offerings” on its NFT marketplace.

Binance asked Polygon NFT holders to take necessary steps to withdraw their tokens from the marketplace by 26 September 2023 as they will longer be able to buy, sell, or list Polygon NFTs on there after this date.

Highlighting OpenSea Pro’s blockchain-agnostic approach, its latest integration is a response to market changes and aims to capture a larger share of the multi-chain NFT market.

Through strategic partnerships, OpenSea positions itself as a leader in digital collectibles, as well as strengthens its role in making NFT trading more accessible and interconnected.

The platform already supports various ledgers, offering cross-blockchain compatibility across Ethereum, Polygon, BNB Chain (formerly Binance Smart Chain), Base, and more.

Back in August, OpenSea had decided to deactivate its royalty enforcement tool in response to the declining NFT market. While trying to boost transaction volumes, this also ensured transparency and creator empowerment.

In a recently released quarterly ‘Market Pulse’ report by Binance Research, it was found that September was the worst month on record since January 2021 for NFT sales. This was a result of declining average sales prices with floor prices of notable collections such as Azuki, BAYC, MAYC declining more than 25% QoQ.

Blur was noted to be the biggest NFT marketplace by sales volume. However, its dominance declined when compared to the last quarter. On the other hand, OpenSea led in terms of active wallets in Q3.