Cryptocurrency News

Support for Solana NFTs Goes Live on OpenSea

By April 7, 2022 No Comments

Key takeaways:

  • Leading NFT marketplace OpenSea has integrated Solana, providing its users with the ability to trade Solana NFTs
  • The feature is currently in the beta phase
  • Solana integration comes after months of speculation and rumors

OpenSea traders can now trade Solana NFTs

OpenSea, the world’s largest non-fungible token (NFT) marketplace, has integrated support for the Solana blockchain. The feature is currently available in the beta phase, during which the OpenSea intends to collect user feedback to “improve the Solana experience.”

Last week, OpenSea shared a short teaser video on Twitter, confirming months-long speculations about Solana joining the trio of blockchain ecosystems supported by the marketplace, including Ethereum, Polygon, and Klaytn.

Solana is a high-performance Proof-of-Stake (PoS) blockchain that is capable of processing up to 50,000 transactions per second while retaining low gas fees. Due to its high throughput and efficiency, Solana is one of the better-equipped blockchains to handle NFTs and their high trading volume. 

According to Dapp Radar, OpenSea has facilitated $2.64 billion in NFT trading volume in the last 30 days. For context, the largest Solana-native digital collectibles marketplace facilitate “just” $41 million in the same time period.

The integration of the Solana blockchain will help OpenSea leverage its position as the market-leading NFT hub to introduce greater trading efficiency, and solidify Solana as one of the most robust Web3 blockchains in the industry.