OpenSea’s Long Rumoured Solana Integration is Coming in April

Fast take:

• Solana would be the fourth blockchain built-in on OpenSea.
• OpenSea’s Solana integration may pose a menace to the main Solana NFT market, Magic Eden.
• An actual date for the mixing has but to be revealed.

Main NFT market OpenSea tweeted a video teaser on Tuesday, hinting that the platform will combine Solana in April.

One of the best stored secret in web3🤣 pic.twitter.com/xuZn64cZ4U

— OpenSea (@opensea) March 29, 2022

The tweet stated “the perfect stored secret in web3” with a cry-laughing emoji, an ironic reference to the truth that the mixing of Solana has already been identified amongst business insiders for months now. 

Safety researcher and tech blogger, Jane Manchun Wong, who uncovers hidden and unreleased options on apps spotted OpenSea’s work-in-progress on Solana’s integration in January. 

As soon as built-in, Solana could be the fourth blockchain on OpenSea, becoming a member of Ethereum, Polygon and Klaytn. In keeping with information offered by “chuxin” on Dune Analytics, transactions within the Solana NFT market hit new all-time highs on Mar 29 as its each day transaction rely reached 57.1k whereas the entire each day transaction quantity was 136,000 SOL.

NFT gross sales on Solana surpassed $1 billion in January, making it the second-biggest blockchain for NFTs behind market chief Ethereum. With the pricey fuel charges that include NFT transactions on Ethereum, customers have been in search of cheaper options.

Whereas most blue-chip tasks are primarily minted on Ethereum, Solana is residence to main NFT collections resembling Solana Monkey Enterprise and Degenerate Ape Academy. One of many NFTs in Solana Monkey Enterprise bought for $2.1 million in October final yr whereas Degenerate Ape Academy is the primary Solana NFT mission to interrupt $1 million in September final yr.

In keeping with Dune Analytics information by “brownboy”, main Solana market Magic Eden – which has not too long ago accomplished a $27 million fundraise – presently holds 91.7% of the Solana NFT market share. 

OpenSea’s Solana integration may pose a menace to Magic Eden. Having anticipated it, Magic Eden revealed plans to make use of its not too long ago raised funds to construct a gaming vertical and deal with gaming NFTs.

An actual date for the mixing of Solana NFTs on OpenSea has but to be revealed.