Cryptocurrency News

OpenSea Unveils Solana Launchpad, Enabling Creators to Mint and Sell NFTs Directly on the Platform

By July 21, 2022 No Comments
OpenSea and Solana image cover

Key takeaways:

  • OpenSea’s Solana Launchpad will guide creators all the way from the NFT pre-minting to post-minting process and secondary sales
  • The creators will have full custody of their digital collectibles at all times
  • The launch of Solana Launchpad comes roughly three months after the NFT marketplace integrated Solana

Solana Launchpad allows creators to retain custody of their NFTs during the sale

OpenSea, the world’s leading non-fungible token (NFT) marketplace, has revealed Solana Launchpad, a service that allows creators to mint digital collectibles and retain their custody during the selling phase. 

“With this new launchpad experience, creators can now host a new mint from beginning to end on OpenSea,” reads an excerpt from a blog post published on Monday. According to the blog post, OpenSea will help creators during the pre-mint phase all the way to secondary sales.

OpenSea has kicked off the launch of the new feature with two Solana-based digital collections – aliens-themed Zoonies and anime-inspired Monkai.

The new feature underscores OpenSea’s commitment to providing access to NFTs across a large selection of blockchains. 

In April, after months of rumors and speculations, OpenSea unveiled integration with Solana. Over the past couple of months, Solana emerged as one of the most popular chains for NFTs due to its low cost and fast transactions.

In June, Solana NFTs on OpenSea recorded a 78% increase. In the same time period, NFT trading volumes on Ethereum and Polygon saw a 70% reduction.

Earlier this month, OpenSea announced significant workforce cuts due to falling NFT trading volume and potentially long-lasting crypto winter. At the time, OpenSea CEO Devin Finzer said the decision to reduce the team’s size by roughly 20% was a necessary one to make to prepare the business for “the possibility of a prolonged bear market.”