OpenSea Teases Support For Solana NFTs

Solana NFTs could receive a shot in the arm soon, with OpenSea all but confirming that Solana NFTs are coming to the OpenSea NFT marketplace. The news is significant for the Ethereum killer blockchain which holds only a small part of the NFT market compared to Ethereum. 

OpenSea Teases New Addition 

OpenSea, in a tweet on Tuesday, all but confirmed the arrival of Solana NFTs in its marketplace, teasing the April addition. However, the platform stopped short of revealing the exact date of the launch of the Solana NFTs. 

OpenSea, whose valuation has jumped significantly and is currently valued at around $13 billion, tweeted, 

“The best kept secret in web3.”

Significant Anticipation Regarding The News 

Industry insiders and the Solana community have been waiting with bated breath for OpenSea to announce support for Solana NFTs for most of 2022. However, there were signs pointing to the developments, as spotted by tech blogger Jane Manchun Wong. 

Wong had, in late January, come across a few developments on OpenSea that hinted that the NFT marketplace was readying for Solana NFTs and Solana digital wallets. OpenSea’s web code also has several mentions pointing to Solana. 

Fourth Blockchain Network On OpenSea 

Solana’s addition to the OpenSea NFT marketplace would make the protocol only the third Layer-1 and the fourth Blockchain Network that have NFTs trading on OpenSea. The move sees the protocol join the likes of market leader Ethereum, Polygon, and Klaytn. 

Among the blockchain networks present on OpenSea, Solana is second only to Ethereum when it comes to all-time NFT sales, according to data from data tracker CryptoSlam. 

Competition For Magic Eden 

OpenSea’s move to extend support for Solana NFTs could be a challenge for Magic Eden, which is currently the leading marketplace for Solana NFTs. At present, Magic Eden holds a whopping 90% of the market share when it comes to Solana NFTs, data from Dune Analytics has shown. However, Magic Eden does have the edge over OpenSea, with its transaction fee of 2% currently 50 basis points lower than that of OpenSea. However, it remains to be seen if this could play a decisive factor when it comes to Magic Eden retaining its hold over Solana NFTs. 

While Ethereum dominates the NFT market, Solana has also become home to some popular and significant collections, including the likes of Solana Monkey Business and the Degenerate Ape Academy. 

OpenSea Facing A Slew Of Problems  

While the addition of Solana is good news, it hasn’t all been smooth sailing for OpenSea in recent months. The world’s largest NFT platform recently had a significant breach, which led to several high-value NFTs stolen from users. OpenSea did issue a resolution for the attack after hackers had exploited a bug in the code. 

The platform’s woes increased further when a user who lost his Bored Ape Yacht Club NFT during the attack filed a $1 million lawsuit against OpenSea.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.