OpenSea Starts Activating Support For Solana-Based NFTs
OpenSea, the largest marketplace for non-fungible tokens by volume, has begun going live with its long-anticipated integration of Solana – currently in beta mode.
Following last week’s announcement that support was coming, NFTs minted on the Solana blockchain network are now available to trade on OpenSea NFT marketplace.
The moment you’ve been waiting for… @Solana is officially on OpenSea – starting today, with our initial beta!https://t.co/VjhqeGHZxc
The new development enables a wide range of NFTs on the platform, which prior to today catered mainly to Ethereum-based NFTs along with integrations with the Polygon and Klaytn blockchains. Regardless, the Solana news represents a significant expansion for OpenSea.
What is interesting to see, what impact the development will have on the existing ecosystem for Solana NFT marketplaces, such as Magic Eden, which recently raised $27 million and has emerged as the dominant market on that network.
OpenSea differs from other Solana marketplaces by letting users keep listed NFTs within their own wallet. Targeting rivals like Magic Eden and FTX NFTs, OpenSea wrote, “On OpenSea, you don’t have to choose between liquidity and control—when you list, your NFTs stay in your wallet until they’re sold.”
Last month Solana’s NFT trade volume was $173 million, while OpenSea posted roughly $3.4 billion trade volumes.
A recent first-quarter report from the Metaplex Foundation, which is tied to the popular protocol for minting Solana-based NFTs, found that a total of 9.7 million NFTs have been minted via the protocol.
