Most traditional Solana marketplaces require you to escrow or lend an NFT to the marketplace while listing it for sale. If you list a Solana NFT on OpenSea, it’ll stay in your wallet, and you’ll never have to escrow your Solana NFTs.
The escrow-less listing also allows you to use your NFTs on different platforms, such as games, discord communities, and NFT galleries.
Solana NFTs tend to be purchased with SOL, but considering how OpenSea mainly uses ETH, many NFT traders might not have enough SOL in their wallets to purchase Solana NFTs.
OpenSea provides you with the option to purchase SOL from MoonPay at the time of purchase if you don’t have enough SOL in your wallet.
OpenSea launched in December of 2017. Today, it stands as the largest NFT marketplace in the world. Since it dominates the market when it comes to NFT trading, ensuring that your NFTs are supported on the platform is critically important.
And now, a lot more projects are about to get access to OpenSea. The company just announced that they will add Solana NFTs starting in April 2022.
OpenSea unveiled the news on Twitter earlier today (Mar.
With this move, Solana will become the fourth blockchain network whose NFTs can trade on OpenSea. Previously, OpenSea added integrations that support Ethereum, Polygon, and Klaytn.
Solana is the third-largest blockchain in terms of NFT sales.
To date, there has been over $1.26 billion sold to 244,107 buyers across more than 1.3 million transactions.
For example, Ethereum processes an average of 15 transactions per second.
Magic Eden is the largest NFT marketplace on Solana, and though it handles a volume easily in the hundreds of millions of NFT sales every month, OpenSea is handles billions of dollars on the same timespan. There are chances that performance might decrease depending on how Solana NFT functionality is optimized.
What is SOL?
SOL is the native cryptocurrency of Solana.
It’s used to pay transaction fees, staking and provides holders with voting rights for future upgrades. It’s one of the competitors with Ethereum and became notorious as an altcoin in August 2021, when prices rose from $30 at the start of the month to $75 three weeks after.
If you’re interested in purchasing SOL, you’ve come to the right place.
What is an NFT marketplace?
An NFT marketplace is an online market for purchasing NFTs and other digital assets.
It allows you to buy art, music, and even whole virtual worlds. Some of the most popular NFT marketplaces include OpenSea, Rarible, Foundation, Nifty Gateway, and Axie Infinity Marketplace.
Learn more about NFT marketplaces by reading this article.
How to sell Solana NFTs on OpenSea
To better understand how Solana would work on OpenSea, we analyzed the support article available on OpenSea’s help center here.
Using Solana for an NFT transaction is hardly different from using Ethereum.
OpenSea has recently faced a slew of customer complaints about security flaws, not to mention the rise of its competitors.
Solana is supported by the FTX exchange, and FTX’s NFT platform is the first NFT marketplace to accept transactions in both Solana and Ether. One of the minor motives for pushing OpenSea to Solana NFTs could be this.
The team of OpenSea is on its way to conquering the world of NFTs and is hard at work expanding into new use cases and protecting its dominance.
The deal with Solana could lead to plenty of new prospects.
Throughout the previous year, there has been a surge in interest in the NFT sector.
In 2021, the market also opened with a big sales spike, as opposed to the usual dip in crypto prices in March this year.
Already the go-to marketplace for many NFTs on the Ethereum network, OpenSea announced plans to expand to the Solana blockchain as well. This will bring the number of supported blockchains for OpenSea up to four.
In addition to Solana, OpenSea already supports Ethereum, Polygon, and Klatyn.
Open Sea brings its considerable bulk to the Solana blockchain. Solana already supports several established NFT markets such as Magic Eden, Fractals, and FTX.
They might need to step up their game a bit to compete with the industry leader! We’ll see which NFT markets can provide the right features to maintain their userbase and continue to grow in the face of pressure from additional competition pushing into their space.
Unfortunately, there isn’t a text announcement with any details. Just a teaser video posted to Twitter.
Though apparently some Internet sleuths have discovered indications back in January that Phantom wallet would be accepted.
Created in 2017, Solana is a proof of staking blockchain, built to rival Ethereum and provide more transaction throughput. Solana has gained quite a bit of traction over the past couple of years, becoming a major hub for NFTs and decentralized finance.
A growing number of dapps are building on the Solana ecosystem.
Even though the Solana blockchain is already fairly well known in the crypto world, this could be a huge boon for both ecosystems. Valued at over $13 billion, OpenSea’s popularity and name recognition will only bring more eyes onto Solana.
And OpenSea gets to take a chunk of trading fees from Solana’s growing NFT scene.
Considered to be the second largest NFT blockchain market, Solana has had some recent growing pains.
OpenSea supports roughly 165 collections, though the number is ever-increasing every day as more collections are minted on Solana and optimized to function with OpenSea. Major Solana NFT collections include Solana Monkey Business, Aurory, and Degenerate Ape Academy.
The news had caused an increase in SOL’s pricing, reaching a monthly high of $143.54 before it went back down.
What is the Solana blockchain?
Solana is a crypto computing platform to achieve the highest possible transaction speed without hurting its decentralization.
The Solana blockchain also rose even higher in popularity after SOL got a boost from a famous NFT project: Degenerate Ape Academy.
The blockchain provides a low-cost, fast-processing, cost-effective solution for a variety of NFT application cases.
OpenSea Versus Magic Eden and FTX
Magic Eden is currently the leading marketplace that supports Solana NFTs. With minimal transaction fees, great liquidity, and an easy-to-use user interface.
Without a doubt, the most well-known name in the NFT ecosystem and the crypto sector is OpenSea.
OpenSea was founded in February 2018 with the goal of becoming the eBay of crypto-commodities.
The efforts have paid off, as the platform is now the market leader, valued at more than $13 billion.
However, breakthrough success is always bittersweet.
A number of projects have also begun tweeting about their partnerships with OpenSea for the Solana launch. Some of the announced launch partners include Portals, Solana Monkey Business, Zoolana, Bonfida, Baby Ape Social Club, Cave World, and Solarians.
Any Solana projects who are not yet partnered with OpenSea can fill out the Partner Request Form. This is not a requirement, as in a few weeks, all Solana projects become automatically eligible for listing. But being a Partner provides a chance to get in early and possibly other benefits.
Aside from that, we don’t know which wallets will be supported or when in April the launch might be.