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OpenSea Now Supports Solana

Photo: The Record

The leading non-fungible token (NFT) marketplace, OpenSea, has integrated the Solana network after several Twitter users noticed that Solana-powered NFT collections had appeared on the platform earlier today.

On March 29, OpenSea had announced that it would start adding NFT collections minted on Solana by April.

In January, Jane Manchun Wong, a tech blogger known for exclusive news, tweeted that OpenSea was working on integrating Solana, confirming that OpenSea was stepping up its multi-chain game.

With this development, OpenSea now supports four chains (Ethereum, Solana, Polygon, and Klatyn).

According to data provided by blockchain research platform Dune Analytics, OpenSea is likely to significantly chip away at the market share of Solana-centric Magic Eden, which makes up 93% of sales. 

Magic Eden now offers low fees, a major competitive advantage. Still, it remains to be seen whether it would withstand big-name competitors in the NFT industry.

Solana secured a $13.3 billion valuation from Coatue and Paradigm in January.

Solana-based NFTs eclipsed $1.5 billion in total transaction volume last month after hitting the $1 billion milestone earlier this year, U.Today reported.

Solana attracted funding from prominent venture capital firms after gaining widespread attention in 2021 as a faster and cheaper Ethereum alternative.

So far, Solana has managed to secure only a relatively small portion of the NFT market, but the OpenSea integration could be their game-changer.