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OpenSea announced the news earlier today on Twitter (Mar. 29, 2022). Solana will become the fourth blockchain network whose NFTs can be traded on OpenSea as a result of this move.
OpenSea had previously introduced Ethereum, Polygon, and Klaytn connections. The third-largest blockchain in the world is Solana.
This was unexpected
In December of 2017, OpenSea was launched. It is currently the world’s largest NFT marketplace. Because it is the market leader in NFT trading, it is crucial to ensure that your NFTs are supported on the platform. Their user volume, at the end of the day, can make or ruin a project.
And soon, even more, projects will be able to use OpenSea. The company has announced that it will begin using Solana NFTs in April 2022. And now it is real.
Over $1.26 billion has been sold to 244,107 customers in over 1.3 million transactions to date. And it’s only natural that the addition of OpenSea connectors will boost Solana’s appeal.
This news wasn’t completely unexpected. Jane Manchun Wong, a tech blogger, tweeted in January 2022 that OpenSea was working on Solana integration. Scumbags founder B. Haley published a similar image in November 2021, demonstrating OpenSea’s blockchain filter with Solana.
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How Magic Eden established itself as the most popular venue
In terms of Web3 marketplaces, Magic Eden is now the most popular venue for Solana NFTs. It has 414,260 traders and a total sales volume of $706 million. OpenSea, on the other hand, has a total of $22.73 billion in NFT sales thanks to its 1.3 million customers.
Magic Eden’s cheap transaction fees will make it difficult for OpenSea to compete.
The transaction fee at Magic Eden is 2%, however, there is no listing fee. OpenSea, on the other hand, charges a transaction fee of 2.5 percent. On Magic Eden, the average transaction is $96.50, however, on OpenSea, the average transaction is $1,872.
However, the two platforms do not have to be considered competitors; they merely cater to different types of purchasers. MagicEden is designed specifically for users that want lower-cost NFTs and higher-velocity trading.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
