NFTs created on the Solana blockchain network are now tradable on OpenSea, the largest NFT marketplace in terms of trading volume.
Initially, OpenSea primarily supports the Ethereum ecosystem, which has a significant market share in the NFT field with a high margin. With the involvement of Solana, OpenSea is now the home of NFT collections created on the second largest NFT ecosystem, in addition to Ethereum and its sidechain/layer-2 scaling options.
The Solana network has been introduced to the beta with limited collectibles, according to OpenSea. Although OpenSea is said to handle 165 collections, a research of the market by chain reveals a total of over 865,000 NFTs minted on Solana.
Solana Monkey Business, DeGods, Degenerate Ape Academy, Aurory, and Shadowy Super Coder are among the popular Solana NFT collections now available on OpenSea.
Solana has lower transaction costs than Ethereum and is a more energy efficient blockchain network that can handle more transactions at once.
The debut of Solana on OpenSea has been long anticipated. The rumors began to circulate in January and persisted until the official announcement last week, when users realized Solana wallet integrations had been added to the market.
Solana NFTs have lately garnered support from a number of high-profile companies.
Behance, the world’s leading creative network powered by Adobe, announced the integration of Solana NFTs on its platform on March 21. The blockchain provides a low-cost, fast-processing, cost-effective solution for a variety of NFT application cases.
OpenSea Versus Magic Eden and FTX
Magic Eden is currently the leading marketplace that supports Solana NFTs. With minimal transaction fees, great liquidity, and an easy-to-use user interface.
Without a doubt, the most well-known name in the NFT ecosystem and the crypto sector is OpenSea.
OpenSea was founded in February 2018 with the goal of becoming the eBay of crypto-commodities.
The efforts have paid off, as the platform is now the market leader, valued at more than $13 billion.
However, breakthrough success is always bittersweet. OpenSea has recently faced a slew of customer complaints about security flaws, not to mention the rise of its competitors.
Solana is supported by the FTX exchange, and FTX’s NFT platform is the first NFT marketplace to accept transactions in both Solana and Ether. One of the minor motives for pushing OpenSea to Solana NFTs could be this.
The team of OpenSea is on its way to conquering the world of NFTs and is hard at work expanding into new use cases and protecting its dominance.
The deal with Solana could lead to plenty of new prospects.
Throughout the previous year, there has been a surge in interest in the NFT sector. In 2021, the market also opened with a big sales spike, as opposed to the usual dip in crypto prices in March this year. NFT sales appear to be cooling off again.
According to data from DappRadar, the total volume of NFTs traded across the leading marketplaces has decreased dramatically since the beginning of March.
OpenSea’s trading volume fell by 67%, Magic Eden’s by 85%, and LooksRare’s by 84%.
Get ready for a new world. Think online.
The post Solana NFTs are Now Live on Opensea appeared first on Blockonomi .