Tue. Jul 5th, 2022

With this ad, Solarium becomes the fourth OpenSea-backed blockchain. The OpenSea NFT Marketplace has announced its plan to start supporting Solana NFTs in April. In addition to amassing billions of dollars in trading volume on a monthly basis, the announcement is the market’s latest move to increase its market dominance. Earlier this year, it raised $300 million to achieve a market valuation of $13 billion. Later in February, the market launched a venture program to support NFT startups and projects. Now, an intended integration with the Solana chain is revealed. The $13 billion firm revealed this through a video promo uploaded to its Twitter platform. The video labeled ‘wen Solana’ featured several Solana NFTs, including Solana Monkey Business and Aurory. Boryoku Dragonz, Catalina Whale Mixer and Degenerate Ape Academy were also featured. OpenSea called it “web3’s best kept secret”. Prior to the announcement, popular tech blogger Jane Manchun Wong noted signs of an upcoming integration after discovering mentions of Solana and the Phantom wallet on the site in January. More recently, she too discovered signs that Solana’s release was imminent. Others also noted that they were now able to connect Phantom wallets to OpenSea, although Solana NFTs were not yet commercially available.

The Solana NFT Ecosystem

The Solana NFT Ecosystem it’s interesting. The NFT collection grew rapidly with the rise of Solana Monkey Business, Degenerate Ape Academy, and Aurory, among others. After Ethereum, Solana has the largest NFT ecosystem with a market capitalization of $1.5 billion. It also boasts the second highest NFT sales of all time. However, users of Solarium they could only trade their Solana NFTs on other marketplaces like Magic Eden, Solanart, and SolSea. Of these, Magic Eden tops the list with roughly 90% of the market share in the last week alone according to Dune Analytics. With this announcement, Solana becomes the fourth OpenSea-backed blockchain. There were previous integrations with Ethereum, Klatyn, and Polygon. Being able to trade your NFTs on OpenSea will present traders with put options. However, it remains to be seen how this will affect Magic Eden’s market dominance. One thing that can help Magic Eden is their 2% transaction fee, which is 50 basis points lower than OpenSea’s.

By Farwa Raza

Farwa Raza is a writer who specializes in news articles. She has been writing on wttspod.com for over one years, and during that time she has written over 100+ articles on various topics ranging from politics to entertainment. Her goal as an author is to provide readers with the latest news stories while also providing her own opinion on them.