OpenSea Officially Integrates Solana NFTs

On the 6th of April, via tweet, OpenSea, the world’s leading marketplace for tokenized collectibles, announced that it had opened its doors to Solana-based NFT projects.

In recent times, the Solana blockchain network has carved out a place in the NFT niche. The network is second only to Ethereum in terms of its NFT ecosystem; over 1.6 million Solana wallets own an NFT, not bad, next to Ethereum’s 2.14 million according to non-fungible.com. In light of this, numerous speculations have circulated the NFT community over the past few months.

OpenSea confirmed the rumors with a short teaser video about a week before the actual launch. However, even before this, many believed it was practically a given that the platform would move ahead with Solana integration. In a blog post regarding the new development, OpenSea noted the popular demand by its community.

Multi-chain functionality is essential for a future in web3, and many believe that OpenSea has taken an enormous step forward with this. However, the NFT marketplace did state that the Solana NFT launch is in the beta phase. At the moment, OpenSea only has 165 collections listed out of nearly 1 million minted tokens on Solana.

It is a bit too early to make concrete statements about how this move will turn out in the long run. However, it will inevitably affect both entities. Let us go over how;


What does this mean for the blockchain network?

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This particular NFT marketplace is generally acknowledged as the go-to place for all kinds of NFTs. According to Dune analytics, the platform has over 1.5 million active users. In January alone, OpenSea recorded NFT sales scaling 5 billion USD.

What this means is that Solana-based creators will gain access to a whole new crop of NFT collectors. Moreover, given OpenSea’s past success, they should probably keep their eyes peeled for exciting levels of growth in the coming months.


What are the possible benefits for OpenSea?

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For OpenSea, it is much the same; users can anticipate unrivalled expansion as time goes on. Enthusiastic supporters have already weighed in, with some saying that OpenSea was smart to incorporate Solana functionality.

In its report for the first quarter of this year, the Metaplex Foundation noted that users had minted more than 9.7 million NFTs on Solana. It is not too far a reach to expect an exponential increase following OpenSea’s adoption of the network. One of OpenSea’s biggest Solana partners is the collection Solana Monkey Business.


Solana at the Forefront of the Web3 and NFT Space

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Solana is often touted to be the future of Web3, a model for what transactions are likely to be. Ethereum retains its appeal due to popularity and security, but it does have several failings users are eager to evade. These include the network’s slow transactions and astronomical gas costs.

On the other hand, the Solana blockchain boasts speedy transactions, approximately 65,000 transactions per second (TPS), far more than the 15 TPS Ethereum can currently process. Solana is also highly energy-efficient and cost-friendly. Gas fees for a Solana transaction are less than a cent, and the energy consumed is beneath the requirement for two google searches.

By integrating Solana-based NFTs, OpenSea solidifies its position as an all-inclusive NFT marketplace. The platform is requesting community feedback, asking users to engage in the beta experience and offer suggestions.


How to Purchase Solana-based NFTs on OpenSea

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Obtain a Solana-compatible Crypto Wallet
Transactions on the Solana network are conducted in its native SOL token. You’ll need this wallet to purchase and hold your Solana. You will also need to link the wallet to OpenSea to put Solana NFTs up for sale or buy them. Popular examples include Phantom or Glow.

Fund your Wallet
As stated above, you will need SOL to purchase Solana-based NFTs. You can either transfer Solana tokens from another wallet address or visit an exchange platform such as Gate.io to purchase SOL. Yet another option is to buy it straight from your Phantom or Glow wallet extensions.

Check out OpenSea’s Listed Solana-based NFTs
After funding and linking your wallet to OpenSea, the next step is to browse through the Solana-based NFTs listed on the platform. Prospective buyers can view these on the platform’s Solana landing page. As mentioned earlier, OpenSea only has about 170 listed collections presently.

Purchase your Non-Fungible Token
Once you have settled on a Solana NFT, check if it’s listed for sale. If it is, make your way to the item’s page and select ‘Buy now.” After this, go over all the details to ensure they are correct, then select “Confirm checkout.”

Bottomline
This is ultimately a positive move for both Solana and OpenSea. It will be interesting to see how they perform over the next few months. OpenSea has shown that it’s not afraid to take bold steps, and the NFT community cannot wait to see what other exciting plans the venture-backed platform may have in store.



Author: Gate.io Observer: M. Olatunji
* This article represents only the views of the observers and does not constitute any investment suggestions.
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