Leading NFT marketplace recently integrated support for Solana and NFTs on this blockchain. The first few days of trading seem promising, although it is too early to draw conclusions. Catching up to Polygon is the first step, yet rivaling Ethereum usage will prove nigh impossible.
Solana Trading On OpenSea Seems Promising
It is interesting to see how OpenSea paves the way for multi-chain NFT trading. The platform has been very Ethereum-focused since day one, although that situation has recently changed. The integration of Polygon – a more efficient layer running on Ethereum – sent a strong signal to global users. Moreover, the platform now supports Solana as the next blockchain, confirming the ecosystem’s viability for non-fungible token trading.
The support for Solana on OpenSea brings much-needed competition to Magic Eden. Until a few days ago, Magic Eden was the go-to NFT trading platform for this chain’s collections. That situation has now changed, enabling broader liquidity and accessibility. It is a welcome change for the non-fungible token ecosystem on the Solana blockchain. However, there are still questions regarding how popular this offering will be.
The first few days of Solana NFT trading on OpenSea seem promising. There is a healthy volume – over $650,000 – in the first few days, which is a healthy figure. Admittedly, it pales compared to volume across Polygon and Ethereum, but one should not expect miracles in the first weeks either. Many people have yet to figure out they can trade these NFTs on OpenSea.
Moreover, the number of active daily traders has surpassed 4,000. That is a strong sign, although there is much room for growth. It is unclear how many people are willing to explore Solana-based NFTs. Having access to these offerings through OpenSea will improve overall discoverability, although there are no collections on the same level as BAYC or CryptoPunks, for now.
Overall Solana NFT Figures
Per CryptoSlam, it becomes apparent there has been a lull in interest where Solana-based NFTs are concerned. The network noted strong performance in sales in late August 2021 and September 2021. The overall sales volume has flattened a bit, even if the general unique buyers continued to rise. That hints at falling prices per individual NFT, a common trend affecting every collection across all blockchains.
That said, momentum can pick up strongly with the help of OpenSea. The leading marketplace now makes Solana NFTs more accessible and discoverable for millions of people. Some might explore new market opportunities in this chain, although it is a bit early to draw conclusions. If the sales volume can set a new all-time high – Over $271.4 million per month – things could get very interesting for this ecosystem.
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