The development that the Solana (SOL) community has been waiting for months, especially those who are NFT investors, has finally happened. Solana, which started out as an Ethereum killer and has grown rapidly as it is a much faster network, will now be supported by OpenSea. NFT collections on the network will be sold through the world's largest NFT marketplace.
NFT marketplace OpenSea has finally integrated Solana after months of waiting. Twitter users noticed some Solana-based NFT collections listed on OpenSea. The highly anticipated integration came as no surprise to the NFT community. OpenSea recently announced that it will begin adding NFT collections that were printed in Solana in April.
Technology writer Jane Manchun Wong, who is famous for sharing new features as news before they are announced to the public, gave the good news by tweeting at the beginning of the year that OpenSea is trying to integrate Solana. With the latest addition, OpenSea now supports four networks (Ethereum, Solana, Polygon and Klaytn).
According to data provided by blockchain research platform Dune Analytics, OpenSea will significantly reduce the market share of Magic Eden, which accounts for 93% of sales on the Solana network. Magic Eden's low fees could be a huge competitive advantage, but it is unlikely to remain strong against the biggest brand in the NFT industry.
Solana-based NFTs surpassed $1.5 billion in total transaction volume last month after hitting the $1 billion milestone earlier this year. Solana received a lot of attention in 2021 as a faster and cheaper Ethereum alternative and has received ample funding from major venture capital firms.
Until now, Solana represented only a small portion of the NFT market. However, with the OpenSea integration, the collections on the Solana network will also have access to millions of collectors. In this way, the NFT volume in the network is expected to increase exponentially.
Added Solana (SOL) network in OpenSea filtering although users in some regions cannot see it. Its integrated work continues and when the Beta is completed, all users will be able to access the collections on the Solana network here. Some scammers who want to exploit this process may list fake versions of popular collectibles on the Solana network, so be careful.