OpenSea, the world’s largest NFT marketplace by volume, may support Solana NFTs sooner than expected, here’s more on this development.
The OpenSea Marketplace
It’s no news to anyone that in the world of NFT marketplaces, no company or platform comes close to OpenSea. As of early 2022, OpenSea is head and shoulders above the competition – and some may consider the marketplace to have no real competition due to the difference in volume between its competitors.
OpenSea’s growth has been magnificent, and what this platform has been able to achieve within 24 months is nothing short of extraordinary. As OpenSea grows, it adds more options, functionalities, and features, but as we enter April 2022, one thing is still missing from OpenSea.
The ability to support Solana NFTs has been one of OpenSea’s Achilles heels. Furthermore, other smaller marketplaces have made a name for themselves by offering services that OpenSea fails to provide.
The days of OpenSea failing to offer support for Solana NFTs may soon be over. In fact, this is a move that has been expected for a while, and it’s hard to justify why it is taking OpenSea this long to support Solana NFTs.
OpenSea x Solana
On Tuesday, March 29, OpenSea confirmed via a tweet on its official Twitter page that Solana NFTs are on their way to the digital collectibles marketplace. In a tongue-in-cheek tweet, @opensea shared a “wen Solana?” video with the caption “The best-kept secret in Web3.”
OpenSea supporting Solana NFTs is a big win for the entire NFT space. Still, some players, including smaller NFT marketplaces, would prefer if OpenSea delays further on its quest to support Solana NFTs.
In the Solana NFTs space, the current king is Magic Eden, and to say that this platform dominates NFT sales will be an understatement. According to Dune Analytics, Magic Eden registered over 90% of Solana NFTs’ market share during the third week of March.
When it comes to competition, Magic Eden has an edge on paper as this platform charges a transaction fee of 2%, while OpenSea charges 2.5% for transactions.
Solana in the big leagues
There’s no denying that the latest interest in Solana NFTs is a big deal for the platform. Once OpenSea begins officially supporting Solana NFTs, we may witness a new phase in developing the NFT space.OpenSea currently supports Ethereum, Polygon, and Klaytn NFTs, and Solana NFTs will become the fourth blockchain to be supported on the world’s most dynamic NFT marketplace. After all, is said and done, the future looks bright and exciting for Solana NFTs, and we cannot wait to see how it grows and competes over time.