Solana (SOL) Non-Fungible Tokens (NFTs) land on OpenSea

What is OpenSea?

OpenSea, the NFT trading platform was launched in 2017. Nowadays, it is one of the most popular NFT exchanges. Since it is a decentralized initiative, users retain control over all transactions. The OpenSea platform is a tool for entering the new and rapidly expanding NFT sector. Because the capacity of OpenSea to execute low-cost transactions has a direct impact on its popularity, the platform recently announced the addition of Solana to its list of supported blockchains in April. The integration of Solana by the largest NFT platform will increase demand for SOL, which has already increased by 16 % in one week. Thus, Solana will join Ethereum, Polygon, and Klaytn as the fourth blockchain on the OpenSea list.

What is Solana?

The Solana blockchain network has garnered great traction since its inception in 2020, owing to its groundbreaking technology and NFT. Solana uses Proof-of-Stake (PoS) and Proof-of-History (PoH) to create a unique hybrid consensus method that aids in fast throughput. By the way, Solana can handle up to 50,000 transactions per second, meanwhile, Ethereum has a through output of 15–45. Bank of America highlighted to its customers in a research note that Solana might become the equivalent of “Visa in the digital asset ecosystem”. In other words, its capacity to deliver high throughput, low transaction cost, and user-friendly mechanics are great.

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BIT4YOU.io

BIT4YOU.io

bit4you is an european crypto exchange platform. We are facilitating the transition between crypto currencies and traditional currencies such as euro.