The largest Non-fungible token (NFT) marketplace OpenSea has declared the forthcoming incorporation of Solana Blockchain (SOL) into its platform. The news circulated in January when a tech blogger Jane Manchun Wong announced the integration on Twitter stating “OpenSea is working on Solana integration, as well as Phantom wallet support”.
However, eminent tech bloggers and economists of the industry are suggesting reciprocated benefits for both ecosystems from this association. Also, positive thoughts have emerged along with some mixed reactions on various social media platforms regarding the SOL integration.
OpenSea released a teaser video on Tuesday where Solana NFTs are in popular demand by the community. The video is accompanied by the caption “The best-kept secret in web3”.
Solana Integration on OpenSea
Solana blockchain is one of the fastest blockchains and penetrates deep into the projects like NFT, GameFi, DeFi, and Web3.0. Must read Everything you need to know about Solana (SOL) Blockchain to know more about Solana Blockchain.
Solana is already a part of the NFT world with two distinguished NFT collections Solana Monkey Business and Degenerated Ape Academy. Both the collection includes 5,000 and 10,000 exclusive monkey and ape NFTs respectively. Currently, Magic Eden, Solanart, and SolSea are some of the popular NFT marketplaces where Solana users trade SOL NFTs.
On the Contrary, adding Solana to the OpenSea could cause disturbance to the Magic Eden where 90% of Solana NFT sale happens. Moreover, not very long ago Magic Eden raised $27 million in funding in its Series A round for supporting the creators, collectors, and its future expansion.
On OpenSea, Solana will go to be the fourth blockchain where Ethereum, Polygon, and Klatyn already exist. According to DappRadar’s ranking system, Solanart ranks 3rd on the NFT marketplace ranking with a total volume of $1.53M with more than 2,000 traders.