Solana NFTs are now available on OpenSea .
It's now possible to trade NFTs created on the Solana blockchain on OpenSea, the largest platform for NFT transactions by trading volume.
At first, OpenSea focused on the Ethereum ecosystem, which enjoys a massive slice of the NFT market with a significant margin. Now, with Solana's entry, OpenSea is also hosting NFT collections from the second-largest NFT ecosystem, alongside Ethereum and its scaling solutions like sidechains and layer-2 options.
OpenSea has rolled out the Solana network in beta, initially supporting a limited number of collectibles. Even though OpenSea lists 165 collections, market research by Chain indicates that more than 865,000 NFTs have been minted on Solana.
Renowned Solana NFT collections such as Solana Monkey Business, DeGods, Degenerate Ape Academy, Aurory, and Shadowy Super Coder have made their way to OpenSea.
Compared to Ethereum, Solana offers lower transaction fees and is a more energy-efficient blockchain that can process numerous transactions simultaneously.
The launch of Solana on OpenSea has been highly anticipated. Rumors started swirling in January and persisted until the official announcement last week when users noticed Solana wallet integrations popping up on the platform.
Recent backing from several big-name companies has bolstered Solana NFTs.
On March 21, Behance, the top creative network backed by Adobe, announced that it would integrate Solana NFTs, offering a low-cost, speedy, cost-efficient solution for varied NFT applications.
OpenSea Versus Magic Eden and FTX
Magic Eden stands as the premier marketplace facilitating Solana NFTs, noted for its minimal transaction fees, robust liquidity, and intuitive user interface.
Without a doubt, OpenSea is the most recognized entity in the NFT space and the broader cryptocurrency sector.
OpenSea was established in February 2018, with a vision to become the equivalent of eBay for crypto assets.
Their dedication has paid off, as the platform currently dominates the market, boasting a valuation exceeding $13 billion.
However, astounding success doesn’t come without its challenges. OpenSea has recently been inundated with customer complaints regarding security vulnerabilities and the emergence of strong competitors.
Solana enjoys support from the FTX exchange, which made its NFT platform the first marketplace to accept both Solana and Ether transactions. This might be one reason pushing OpenSea towards Solana NFTs.
The OpenSea team is on a mission to master the NFT realm, actively working on exploring new applications and ensuring its market supremacy.
Their partnership with Solana could open up a wealth of new opportunities.
Over the past year, the interest in the NFT domain has exploded. In 2021, the market kicked off with a monumental surge in sales, quite the opposite of the typical dip seen in cryptocurrency prices in March this year. It seems that NFT sales are beginning to settle down once more.
Based on information from DappRadar, the cumulative volume of NFTs traded across the top marketplaces has seen a stark decline since the beginning of March.
OpenSea saw a 67% drop in trading volume, Magic Eden by 85%, and LooksRare by 84%.
Prepare for a world of new possibilities. The future is online.
