OpenSea Now Closing in On Its Support for Solana Non-Fungible Tokens (NFTs)

This move has the potential to give Solana NFTs, a sliver of the lucrative market compared to the Ethereum collectibles, tremendous support. 

OpenSea has confirmed through a tweet that Solana non-fungible tokens (NFTs) are about to hit its marketplace for digital collectibles. 

While withholding the actual date, the company, which valued at over USD 13 billion, released a “wen Solana” video teasing followers about the new addition. However, it indicated that it is the best-kept secret in web3. 

The crypto insiders have anticipated this to be one of the most important in 2022. In January, Jane Manchin Wong, a tech blogger, was quick to spot telltale indicators that OpenSea was preparing to support Solana digital wallets.

If the predictions are right, OpenSea is expected to become the third layer 1 and 4th blockchain to trade NFTs, after Klaytin, Polygon, and Ethereum. Note that Solana is ranked second to Ethereum in non-fungible tokens sales, according to CryptoSlam.

However, OpenSea’s expansion is likely to become a major challenge for Magic Eden, the top marketplace for Solana non-fungible tokens (NFTs).

Now, Magic Eden is the dominant platform for Solana NFTs, holding more than 90% of the market share for the last few weeks, according to Dune Analytics. 

Magic Eden charges 2% in transaction fees and is way lower by 50 basis points than OpenSea’s. This is expected to provide sellers and buyers with an edge in the NTFs market. Will that be enough to starve the market leaders? Only time will tell. 

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