OpenSea goes live with support for Solana-based NFTs
OpenSea, the venture-backed marketplace for non-fungible tokens, has gone live with its long-anticipated integration of Solana.
The move enables a wide crop of NFTs on the platform, which prior to today catered largely to Ethereum-based NFTs along with integrations with the Polygon and Klatyn blockchains. Still, the Solana news represents a significant expansion for OpenSea. The firm raised $300 million at a $13 billion valuation in January.
The Solana integration was expected, with OpenSea teasing the move in a tweet last week.
What remains to be seen is what impact the development will have on the existing ecosystem for Solana NFT marketplaces, including Magic Eden, which recently raised $27 million and has emerged as the dominant market on that network.
Solana saw $173 million in NFT trade volume during March, according to data tracker CryptoSlam.
Last month, OpenSea posted roughly $3.4 billion worth of trade volumes, according to The Block’s Data Dashboard.
A recent first-quarter report from the Metaplex Foundation, which is tied to the popular protocol for minting Solana-based NFTs, found that a total of 9.7 million NFTs have been minted via the protocol.
© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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Author: Michael McSweeney