OpenSea, the largest marketplace for NFTs, announced that NFTs minted on the Solana (SOL/USD) blockchain will now be supported
NFTs produced on the Solana (SOL/USD) blockchain will now be supported by OpenSea, the largest marketplace for non-fungible tokens (NFTs). Solana NFTs will be accessible in April, according to OpenSea, although no precise date has been announced. Solana is the second-largest network for minting NFTs at the moment. Ethereum is now the most valuable cryptocurrency. The network’s NFT collections have a market capitalization of $1.5 billion.
The platform referred to it as ‘the best hidden secret in Web3, according to the film, which began with the sentence ‘wen Solana in a search bar.’ The benefits of this expose to the worldwide community are only the beginning of what OpenSea might do in its quest to become the leader in the NFTs field. This is not to imply that the marketplace has not been performing well. According to analysis from Dune Analytics, this month has produced over $5 billion in sales.
Following the release of popular collections such as Degenerate Ape Academy, Solana Monkey Business, and Aurory on the network last year, Solana gained popularity among NFTs. Because of its high speeds and inexpensive prices, the network has grown more popular among developers. When compared to networks like Solana, this is a significant advantage for the network.
Solana NFT compatibility has been rumored since January, when pictures of what seemed to be Phantom wallet functionality within OpenSea surfaced online. While reverse-engineering OpenSea’s website, tech blogger Jane Manchun Wong discovered references to Solana as a supported blockchain, which she subsequently publicized publicly. OpenSea sought to remove itself from the implication at the time.
Magic Eden, the primary marketplace for Sol NFTs, may face a threat as a result of OpenSea’s growth. According to a Dune Analytics dashboard, Magic Eden now has a 90% market share in Solana’s NFT sales in the last week. The 2% transaction fee charged by Magic Eden is 50 basis points lower than that charged by OpenSea. Which is giving buyers and sellers a minor advantage. It remains to be seen if this will be enough to keep the market leader at bay.
