Saturday, June 10, 2023

OpenSea Opens Trading for Solana NFTs


Solana support is now available on OpenSea in beta mode, after a lengthy wait.

NFTs created on the Solana blockchain network can now trade on OpenSea, the world’s largest NFT exchange by volume.

NFT Space Dominance

OpenSea, mostly built on Ethereum, presently controls a substantial portion of the NFT trading market. OpenSea now supports collectibles from the second-largest NFT ecosystem outside of Ethereum and its sidechain/layer-2 scaling solutions, thanks to the arrival of Solana.

Solana support has implemented in beta with limited collection coverage, according to the marketplace. According to OpenSea, it presently supports 165 collections. Although, if individuals search the marketplace by chain, it appears that Solana has minted over 865,000 total NFTs.

Solana Monkey Business, DeGods, Degenerate Ape Academy, Aurory, and Shadowy Super Coder are among the most popular Solana NFT collections now available on OpenSea.

Solana’s transaction fees are substantially lower than Ethereum’s. It’s also a more energy-efficient blockchain network that can process more transactions at the same time.

Long Anticipated Arrival

The arrival of Solana on OpenSea was long anticipated. Leaked images began appearing in January and persisted until the official tease last week. Users noticed that the marketplace has update with apparent Solana wallet integrations.

Solana NFTs were online on OpenSea earlier today, before of the official announcement. It was, however, gone for some hours. The absence corresponded with problems with the Solana network.

Many people speculated on social media that OpenSea had postponed the launch due to network congestion. OpenSea, on the other hand, made no public statement to that effect.

Members of OpenSea’s community team replied to user complaints about problems purchasing Solana NFTs on the marketplace’s Discord service earlier. According to one official, the entire organization currently focuses on this. This appears to pertain to getting the Solana NFT feature to work properly.

Performance Criticisms

On Twitter, Solana Labs co-founder Anatoly Yakavenko responded to criticisms about the company’s network performance. In one tweet, he stated that performance suffers while under pressure. It was also said that correcting it is of the utmost importance.

It tweeted in favor of public criticism, claiming that shame is beneficial. A burning desire to stay concentrated.

OpenSea, as the leading NFT marketplace, now handles billions of dollars in trade activity each month. On Solana, Magic Eden is now the largest NFT marketplace. It also generates monthly volumes in the hundreds of millions.

This week, Magic Eden announced that it will embrace its “Solana-native” title. Customers will also be able to buy NFTs with tokens from projects like Aurory and DeGods.

OpenSea is unique among Solana marketplaces in that it allows users to hold listed NFTs in their own wallet. OpenSea, which competes with Magic Eden and FTX NFTs, claims that users don’t have to choose between liquidity and control in OpenSea. Users’ NFTs remain in their wallets until they are sold when they list.

Vincent Sanchez
Vincent Sanchez
Vincent Sanchez currently writes articles for Cryptoconstellation. He completed his Msc in finance and had a successful career as an accountant. Vincent enjoys travelling and working out.

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