OpenSea Teases Support For Solana NFTs

OpenSea is confirming that Solana NFTs will soon be available on the OpenSea NFT Marketplace. This news is important for Ethereum killer blockchain, which only holds a small portion of the NFT market.

OpenSea Teas New Addition

OpenSea confirmed Tuesday that Solana NFTs will be available on its marketplace. The tweet teased the April addition. The platform did not reveal the date for the launch of Solana NFTs.

OpenSea’s valuation has increased significantly and is now valued at $13 billion.

“The best kept web3 secret”

Important Anticipation regarding the News

OpenSea has been eager to announce support for Solana NFTs throughout 2022, according to industry insiders as well as the Solana community. Jane Manchun Wong, a tech blogger, noticed signs that pointed to these developments.

Wong discovered a few developments on OpenSea in January that suggested that the NFT market was ready for Solana NFTs, and Solana digital wallets. OpenSea’s webcode also mentions Solana.

OpenSea’s Fourth Blockchain Network

Solana’s inclusion to the OpenSea NFT Marketplace would make it the fourth Layer-1 and fourth Blockchain Network with NFTs trading on OpenSea. This move will see the protocol join market leader Ethereum, Polygon and Klaytn.

According to data from CryptoSlam, Solana ranks second among the open-source blockchain networks when it comes all-time NFT sales.

The Competition for Magic Eden

Magic Eden, currently the largest marketplace for Solana NFTs, could find it difficult to accept OpenSea’s decision to expand support for Solana NFTs. According to data from Dune Analytics, Magic Eden currently holds 90% of Solana NFTs market share. Magic Eden has a 50 basis point advantage over OpenSea with a transaction fee of 2% that is currently 50 basis points lower than OpenSea. It remains to be determined if this will play a decisive role in Magic Eden’s hold on Solana NFTs.

Although Ethereum is the dominant NFT market, Solana has been home to some significant collections such as the Solana Monkey Business, and the Degenerate Ape Academy.

OpenSea faces a host of problems

Although the recent addition of Solana to OpenSea is a good thing, it has not been all easy sailing for OpenSea over the past months. OpenSea, the world’s largest NFT platform, suffered a major breach that saw several valuable NFTs stolen from its users. After hackers exploited a flaw in the code, OpenSea issued a solution.

OpenSea was further troubled when a user lost his Bored Ape Yacht Club NFT in the attack and filed a $1,000,000 lawsuit against them.

Disclaimer: This article is intended for informational purposes only. This article is not intended to be used for legal, tax, investment or financial advice.

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