OpenSea Confirms Solana NFT Integration in April 2022

Bishal Kumar Chanda
01.04.2022

Launched back in 2017, OpenSea stands as the largest NFT marketplace in the world. When it comes to NFT trading, OpenSea dominates the market, which makes it critically important to ensure that your NFTs are supported on the platform. Ultimately, OpenSea’s user volume has the potential of making or breaking a project. And now, many more projects are about to get added to the OpenSea NFT marketplace.

After months of building leaks, OpenSea finally confirms adding support for NFTs minted on the Solana blockchain. Earlier this week, the leading NFT marketplace revealed the news with a short teaser video on its official Twitter account. The video even poked fun at the barrage of tweets pointed at OpenSea’s plans to add Solana. While OpenSea announced adding the Solana support in April, it did not speak of a set launch date. Solana would be the fourth blockchain supported on OpenSea, after Ethereum, Polygon, and Klatyn. 

Solana is the second-largest NFT ecosystem, just behind Ethereum, with a $1.5 billion estimated market cap across all collections. With rising collections like Solana Money Business, Degenerate Ape Academy, and Aurory, the Solana NFT space grew rapidly last fall. Furthermore, compared to the Ethereum blockchain, Solana offers faster, cheaper and more efficient transactions. 

Curious about minting NFTs on OpenSea? Read How to Mint an NFT on OpenSea: A Guide.

The OpenSea Solana Leaks

The first leaks pointing towards OpenSea’s potential Solana integration appeared in January. The well-known hacker and blogger Jane Manchun Wong discovered Solana and Phantom wallet mentions in parts of the OpenSea website. In addition, this week, she found evidence that suggested a Solana launch, including a “Solana Beta” logo and support for the Solflare wallet. Also, others on social media discovered that they could connect a Phantom wallet on OpenSea, while the NFTs are not available yet. 

A Strong Competitor: Magic Eden

Talking about Web3 marketplaces, Magic Eden is currently the leading platform for Solana NFTs. According to the Dune Analytics dashboard, the marketplace dominates Solana NFT sales with over 90% market share in the past week. Magic Eden has over 400,000 traders with more than $700 million in total sales volume. However, OpenSea’s expansion could present a challenge to the leading Solana NFT marketplace. 

While OpenSea has recorded $22.73 billion in total sales volume and over 1.3 million users, it will have a tough time competing with Magic Eden’s low transaction fees. While Magic Eden charges a 2% transaction fee, OpenSea charges 2.5% on every transaction. But the two platforms cater to different kinds of buyers and don’t necessarily need to compete. Magic Eden is more geared towards providing users with lower-cost NFT with higher velocity trading. 

Final Say

Regardless of which marketplace comes out on top, OpenSea will make SOL more accessible by adding Solana to its platform. After OpenSea’s announcement, Solana has become one of the strongest competitors among blockchains for NFTs. Moreover, the news is especially exciting for creators with projects on the Solana blockchain, who will get even more reach on their work. For more exciting NFT news, stay tuned with NiftyHype.

Interested in NFT marketplace comparisons? Check out LooksRare vs. OpenSea: Who’s Better?

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