OpenSea Welcomes Solana NFTs

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OpenSea, the biggest non-fungible token (NFT) marketplace globally, confirmed that it is set to welcome NFTs from the public blockchain platform Solana. The initiative was set to give Solana NFTs, although still incomparable to the huge market for Ethereum collectibles, a hefty boost.

Through a 16-second Wen Solana? video teaser, the integration of Solana NFTs in OpenSea were hinted to launch this April. Industry experts and numerical data have been long suggesting this inclusion as it could have reciprocal benefits for both ecosystems, as well as positive view for the wider NFT space.

Together with Ethereum, Polygon and Klaytn, Solana would become the fourth blockchain network whose NFTs can trade on OpenSea. 

According to data tracker CryptoSlam, Solana is second only to market-leader Ethereum in all-time NFT sales among the blockchain supported by OpenSea. (Read more: Solana Guide and Usecases | How to Buy SOL in the Philippines)

Moreover, Solana has risen in popularity throughout the NFT community due to its energy-efficient transactions and cheaper products compared to Ethereum. (Read more:  NFT Gas Fees | Where to Create, Buy, and Sell NFTs For Cheap Gas Fees)

Accordingly, aside from the expansion of the OpenSea NFT space, this OpenSea and Solana merge could also present a challenge to Magic Eden, the leading marketplace for Solana NFTs.

As per the dashboard of Dune Analytics, Magic Eden currently dominates Solana NFT sales with over 90% market share in the past week.

Consequently, DappRadar marketplaces data also reveals that Magic Eden is leading the space at present with a $41.05 million trading volume over the past 30-days, followed by Solanart and Solsea with $4.39 million and 656,830, respectively.Ā 

This article is published on BitPinas: OpenSea Welcomes Solana NFTs

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.

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