- OpenSea’s beta integration of Solana went live with 165 collections.
- According to OpenSea, users will now enjoy low gas fees and rapid transactions.
- By integrating Solana, OpenSea is set to boost its competitiveness significantly.
Leading non-fungible token (NFT) marketplace OpenSea has commenced with the long-awaited integration of Solana. A report unveiled this news yesterday, citing data from the marketplace, which shows the platform has already started listing Solana-based collections.
According to the report, the Solana functionality is still in beta. As part of this launch, OpenSea decided to support 165 collections, including Solana Monkey Business, Degenerate Ape Academy, and DeGods, to mention a few. However, marketplace data shows that the platform currently lists 865,873 Solana-based NFTs.
OpenSea said integrating Solana comes with benefits like low gas costs and rapid transactions. On top of this, Solans is energy-friendly and eco-friendly.
However, the initial integration was not smooth, seeing as OpenSea initially listed and removed Solana NFTs. OpenSea proceeded to relist the NFTs after a few hours. While the company did not explain why it initially delisted the NFTs, the pullback coincided with Solana experiencing some network issues that ultimately led to congestion.
Before this integration, OpenSea listed NFTs based on Ethereum and two sidechains, Polygon and Klaytn. By adding Solana to the list of supported blockchains, OpenSea stands to boost its already colossal trading volume by a wide margin, seeing as Solana is the second-largest NFT ecosystem after Ethereum.
Reportedly, the marketplace recorded an NFT trading volume of approximately $3.4 billion in March. In the same month, Solana recorded a volume of $173 million.
Fighting Solana marketplaces on their turf
This news comes after rumors of OpenSea adding support for Solana first surfaced in January this year. While the company was mum about the matter for a long time, it teased the integrations through a tweet in the past week. This tease coincided with users spotting Solana wallet integrations into the OpenSea platform.
By joining the Solana NFT ecosystem, OpenSea is set to meet some competition from marketplaces like Magic Eden. Magic Eden is the largest marketplace on Solana, having raised $27 million in a recent funding round.
While this platform has gained favor among NFT enthusiasts in the Solana ecosystem, it remains to see how it will fare against OpenSea, which offers users more perks. For instance, OpenSea takes pride in giving users liquidity and control, seeing as its listing process leaves NFTs in a user’s account until they are sold.
The Solana integration is part OpenSea’s expansion plans, which are financed by the $300 million the company secured in its Series C funding round in January.
