The OpenSea platform now supports non-fungible NFT tokens based on the Solana Network
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Answer The OpenSea platform now supports non-fungible NFT tokens based on the Solana Network
We previously published articles in Bitcoin Arab about the approaching integration of non-fungible NFT tokens on the Solana blockchain, as the upcoming integration was no surprise to the NFT community.
On March 29, OpenSea announced that it would begin adding NFT sets minted on Solana in April.
Solana officially launched in Tweet embed đź‘€ pic.twitter.com/chmR8c8aKM
– Web3 Academy (@web3academy_) April 6 2022
In January, Jane Manchun Wong, a tech blog known for revealing new features before they were publicly announced, tweeted that OpenSea was in the process of integrating the Solana network, confirming that the leading NFT platform was ready to step up its support for various blockchains.
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With the latest addition, the OpenSea platform now supports four blockchains:
Ethereum, Solana, Polygon and Klatin.
OpenSea is likely to significantly outperform the market share of Magic Eden already based in Solana, which accounts for 93% of sales, according to data provided by Dune Analytics.
The fact that Magic Eden offers low fees could be a huge competitive advantage, but it remains to be seen if it will be able to withstand the competition from the biggest name in the NFT sector.
In January, Solana received a valuation of $13.3 billion.
Solana-based NFT surpassed $1.5 billion in total transaction volume last month after hitting $1 billion earlier this year.
Solana attracted widespread interest in 2021 as a faster and cheaper alternative to Ethereum, attracting a lot of funding from major venture capital firms.
So far, Solana has only secured a relatively small portion of the NFT market, but its integration with OpenSea could be an influential factor.
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