Flagship NFT marketplace OpenSea has finally integrated Solana after months of anticipation
OpenSea, the leading marketplace for non-fungible tokens, has integrated Solana network.
Earlier today, Twitter started noticing that several Solana-powered NFT collections had appeared on the platform.
The highly anticipated integration came as no surprise to the NFT community. On March 29, OpenSea announced that it would begin adding minted NFT collections to Solana in April.
In January, Jane Manchun Wong, a tech blogger who is famous for uncovering new features before they are announced publicly, tweeted that OpenSea was working on integrating on Solana, confirming that the NFT kingpin was readying to step up its multi-chain game.
With the most recent addition, OpenSea now supports four chains (Ethereum, Solana, Polygon, and Klatyn).
OpenSea is likely to significantly chip away at the market share of Solana-centric Magic Eden, which accounts for a whopping 93% of sales, according to data provided by blockchain research platform Dune Analytics. The fact that Magic Eden offers low fees could be a major competitive advantage, but it remains to be seen whether it will be able to withstand competition from the biggest name in the NFT sector.
In January, Solana secured a $13.3 billion valuation from Coatue and Paradigm.
As reported by U.Today, Solana-based NFTs eclipsed $1.5 billion in total transaction volume last month after hitting the $1 billion milestone earlier this year.
Solana has garnered widespread attention in 2021 as a faster and cheaper Ethereum alternative, attracting a lot of funding from major venture capitalists.
So far, Solana has managed to secure only a relatively small portion of the NFT market, but the OpenSea integration could be a gamechanger for one of the fastest-growing blockchains.
