A year ago, in December 2017, OpenSea debuted. As of now, it is the world’s biggest NFT marketplace.
It is crucial that your NFTs be supported on the platform since it leads the market in NFT trading. A project’s success or failure may ultimately depend on the number of users.OpenSea is now being made available to a far broader range of projects. Starting in April 2022, Solana NFTs will be added to the company’s product line.
earlier today, OpenSea sent out the good news (Mar. 29, 2022). Solana’s NFTs will now be able to trade on OpenSea, making it the fourth blockchain network to do so.
Ethereum, Polygon, and Klaytn formerly had OpenSea connections. In terms of NFT sales, Solana is the third-largest blockchain.
More than 1.3 million transactions totaling over $1.26 billion in sales have been completed to far, with 244,107 purchasers.
Solana’s popularity is only going to rise with the addition of OpenSea connectors.
The best kept secret in web3🤣 pic.twitter.com/xuZn64cZ4U
— OpenSea (@opensea) March 29, 2022
This wasn’t a total shock, to be honest. Tech writer Jane Manchun Wong tweeted in January 2022 that OpenSea was working on Solana integration.
Solana is seen in a 2021 picture published by Scumbags creator B. Haley, displaying OpenSea’s blockchain filter.
— Jane Manchun Wong (@wongmjane) January 25, 2022
A stronger competitor
At the moment, Magic Eden is the dominant platform for Solana NFTs on the Web3 markets.
It has a total of 414,260 merchants and $706 million in revenues. OpenSea, on the other hand, has sold $22.73 billion worth of NFTs to 1.3 million customers. Is it worth it? A whopping $13.3 billion.
Is OpenSea the ideal site to purchase SOL because of its size? The answer is no.
Magic Eden’s cheap transaction costs will make it difficult for OpenSea to compete. A 2% transactional fee is charged by Magic Eden, however, there is no price for displaying your home on the site.
Instead, OpenSea charges a transaction fee of 2.5%. OpenSea customers spend an average of $1,872, compared to $96.50 on Magic Eden. However, the two platforms aren’t necessarily rivals since they serve distinct types of customers.
As a result, MagicEden focuses on consumers who are looking for lower-cost NFTs and faster trading speeds.
However, OpenSea’s addition of Solana to its platform will make SOL more available to a broader range of consumers regardless of which marketplace wins out in the end. In light of this, Solana is now an even more formidable rival in the market.