Did OpenSea just save Solana's sinking NFT boat? The integration of Phantom Wallet and Solana onto OpenSea NFT Marketplaces might be the lifeline Solana needed. Despite $22 billion of NFT transactions being done on OpenSea (OS) since its inception, Solana's low gas fees and fast transaction speeds, now accessible on OpenSea, make NFTs more accessible. OpenSea, the venture-backed marketplace for non-fungible tokens, has begun going live with its long-anticipated integration of Solana. Solana is now on OpenSea in Beta.
Despite being able to put its best foot forward, Solana has evidently been able to fare better than other top L1 networks like Ethereum and BNB Chain, even though we’re in a bear market. The NFT market has added support for Solana, an open-source blockchain network that supports smart contracts, including non-fungible tokens and a variety of functionalities. What exactly does this mean for the Solana NFT ecosystem?
To get the boat sailing, any creator can now launch a Solana collection and the same will appear on OpenSea automatically. As soon as minting begins on the blockchain, it is visible on the OpenSea marketplace. Not only does SolSea offer cheaper minting and purchases compared to OpenSea, but adding Solana to OpenSea brings significant visibility and potential volume to Solana-based NFTs.
Data from the marketplace suggests that integrating Solana could be a game-changer, offering a fresh wave of interest and investment. The question remains: Will this integration truly rescue Solana's NFT market and propel it to new heights?