OpenSea wants to integrate Solana in April and thus further expand the NFT ecosystem

Fry Electronics TeamMarch 30, 2022
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OpenSea wants to integrate Solana in April and thus further expand the NFT ecosystem

The NFT marketplace OpenSea has announced an upcoming integration of the Solana (SOL) blockchain within its platform, a long-awaited move that industry experts and numerical data suggest could have mutual benefits for both ecosystems, as well as positive sentiments for the broader NFT space.

Solana is scheduled to start on an as yet unannounced date in April and will join the list of the three networks Ethereum, Layer-2 Polygon and Klaytn and will be visible via the All Chains drop-down tab on the rankings Side.

Alluding to the large number of tweets and media releases about the potential of a Solana launch, OpenSea cheerfully dubbed the announcement the “best kept secret in Web3”. Head of Blockchain Adam Montgomery also shared his perspective on the launch.

Her sixteen-second teaser video was met with great fanfare, a reception numerically corroborated by the tweet garnering 615,500 views, 8,964 retweets and 21,700 likes in the eighteen hours since it was posted.

The emergence of the NFT marketplace LooksRare in January 2022 was the first real challenge to OpenSea’s multi-year monopoly in the NFT space. It saw the launch of an airdropping model, giving veteran investors the opportunity to claim Governance LOOKS tokens as an incentive to use the platform.

Quantitatively Data from Dune Analytics reveals that LooksRare has registered a total of 55,874 users since its inception on January 10th, allowing for over $21.3 billion in trading volume. In comparison, OpenSea has registered 884,052 new users since the release of its competitor, but these investors have only traded a little over $12 billion in volume.

That’s why LooksRare is currently leading the battle for market share based on trade volume with a percentage of 52.4% compared to OpenSea’s 47.6%.

Related: 5 NFT Marketplaces That Could Topple OpenSea in 2022

In the case of Solana’s ecosystem, DappRadar marketplaces Data shows that Magic Eden is currently the leader with a trading volume of $41.05 million over the last 30 days, followed by Solanart and Solsea with $4.39 million and $656,830 respectively.

After Magic Eden’s collaboration with entertainment company Overtime, the Magic Eden co-founder Jack Lu talks to Cointelegraphstated their belief that NFTs will “empower the next generation of sports fans [the ability to] Experience sports in a very different way than the previous generation of millennials who grew up passively watching sports on TV or online.”