The tide could be turning for OpenSea as rumors surface it is about to integrate with the Solana blockchain.
The non-fungible token (NFT) marketplace shared a video on Twitter suggesting Solana NFTs could soon find their way onto the platform.
The video was captioned “The best-kept secret in Web3” and was made up of a collage of community requests asking for integration with Solana.
The video has generated over 20,000 likes and 10,000 retweets. The reaction of Solana’s ecosystem and the wider NFT community has been one of unbridled excitement as users have been demanding integration for some time.
Solana is becoming a major player in the NFT world, playing host to high grossing collections like Solana Monkey Business and Degenerate Ape Academy.
Both NFT collections have generated a lifetime volume of over $100 million while Aurory’s play-to-earn collection has exceeded the $75 million mark.
OpenSea’s support is certain to have an impact on the markets.
Firstly, the floor price of Solana-based NFTs and transaction volumes might experience a significant spike.
However, a source of concern is that Solana NFT marketplaces like Magic Eden and SolanArt will lose a large chunk of their market share to Solana.
Over the last week, Magic Eden made up over 90% of Solana NFTs sales.
News of the move first came in Jan, when tech blogger Jane Manchun Wong announced on Twitter that “OpenSea is working on Solana integration, as well as Phantom wallet support.”
Plain sailing for OpenSea?
So far, OpenSea only supports Ethereum, Klaytn, and Polygon NFTs. With Solana’s partnership, the marketplace is expected to increase the distance between it and the rest of the competition.
The partnership will also bring an end to a run of negative reports on OpenSea in the past few months. An exploit in Jan led to the loss of $1.7 million in NFTs triggering a decline in transaction volumes. The company reimbursed victims of the loss.
OpenSea supports a broad range of wallets including MetaMask, Coinbase Wallet, TrustWallet, Venly, and OperaTouch. Moreover, integration with Twitter as part of its NFT verification feature was seen as a major win for the platform.
Trusted
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
