On the Seas of Solana
Solana implementation imminent on Opensea
Melody B. Mar.20, 2022
Solana NFTs have been struggling as of late. The easier blockchain has also opened up more opportunity for rugs and scams. Though sales on MagicEden, the top Solana marketplace at the moment, have been high, Solana still is the silver to Ethereum’s Gold.
In a rather tongue-in-cheek tweet Opensea referenced Solana all but confirming an update where Solana NFTs could be seen on the platform.
The tweet teases an April addition but fails to give an exact date in April as to when the upgrade will occur. Currently the Ethereum market is already valued at over $13 Billion and the addition of Solana could very well see the platform reach $20 Billion by years end.
This has been a poorly kept secret as there were already tell-tale signs of Opensea readying itself for the super fast and cheap blockchain. Solana would indeed become the fourth blockchain to have NFTs accepted and allowed on the Opensea market after Ethereum, Polygon,and Klaytn. Solana would be the only other blockchain that currently is on the heels of Ethereum.
This of course is seen by some as a direct challenge to Magic Eden who, until now, has seen overwhelming success with the blockchain. Magic Eden currently dominates sales of Solana NFT with over 90% of the market share of Solana NFT all occuring on the platform. Magic Eden has a 2% transaction fee which is much lower than OpenSea which gives users a bigger advantage,though time will tell if that will help Magic Eden in the long run or not.