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 NFT collections powered by Solana 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 known for discovering new features before they were publicly announced, tweeted that OpenSea was working on integration on Solana, confirming that the NFT kingpin was gearing up to step up its multi-channel game.
With the most recent addition, OpenSea now supports four chains (Ethereum, Solana, Polygon, and Klatyn).
OpenSea is likely to significantly reduce the market share of Solana-centric Magic Eden, which accounts for 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 whether it can stand up to the competition from the biggest name in the NFT industry remains to be seen.
In January, Solana secured a $13.3 billion valuation from Coatue and Paradigm.
As reported by U.Today, Solana-based NFTs surpassed $1.5 billion in total trading 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 only managed to secure a relatively small portion of the NFT market, but the integration of OpenSea could be a game-changer for one of the fastest growing blockchains.
