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OpenSea Announces Solana’s Addition to its Marketplace

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TL;DR Breakdown 

  • OpenSea says Solana is to be listed next month
  • The partnership was leaked on social media earlier this week
  • Solana in the NFT space
The logos of OpenSea and Solana

OpenSea has made an announcement on the inclusion of the Solana NFTs to its trading space. The move was publicized on Tuesday via the company’s Twitter handle through a video with the caption “The best kept secret in web3”. While the NFT platform stated Solana NFTs are to be listed in April, they made no mention of the particular date.

Presently the largest marketplace on the web, OpenSea flaunts an unrivaled market dominance with monthly trading volumes that run into billions of dollars, recording an all-time high volume of $5 billion in January. Earlier that month, the company raised $300 million in a Series C funding round, taking its total valuation to $13 billion.

Today, the NFT marketplace supports four NFT blockchains namely Ethereum– the largest NFT blockchain-, Polygon – an NFT network suited for low-value transactions-, Klatyn, and now Solana.

After OpenSea’s tweet on Tuesday, various accounts associated with Solana responded showing great levels of anticipation. While Solana Monkey Business quoted the tweet saying “we are setting sails monkees”, Portals, tweeted ” We are very excited about @opensea integration Solana NFTs, and especially excited for @_portals_”

News of OpenSea’s Addition of Solana NFTs On Twitter Since Monday

Interestingly, OpenSea’s announcement of its integration with Solana only comes after a social media leak. On Monday, Jane Manchun Wong, a well-known tech blogger, made claims about the now confirmed partnership between the two companies. She tweeted “OpenSea adds “Solana Beta” label and @Solfare_wallet support for the Solana integration that they’re wrapping up”. Following these claims, other users discovered they could link their Phantom wallets to the NFT trading platform.

Solana Made Great Strides in 2021

Towards the end of 2021, Solana gained enormous popularity among members of the NFT community becoming the second biggest NFT blockchain – just after Ethereum – with a market capitalization of $1.5 billion. Solana’s rapid rise in adoption was based off the speed of the network and its low transaction fees compared to Ethereum which had relatively high charges at that time.

The various NFT collections minted on Solana include Pesky Penguins, Galactic Gecko Space Garage, SolPunks, and Degenerate Ape Academy – the first Solana NFT collection with a token sold for over $1million. According to the NFT data aggregator, CryptoSlam, the total NFT sales volume on Solana surpassed $1billion dollars in January.

Muhaimin Olowoporoku

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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