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

Solana-based NFT is going to be listed on the OpenSea Marketplace. The NFT trading platform has released a video in which it unveils so-called Web3’s best-kept secret. The article will explain this in more detail.

For months, rumors have circulated that OpenSea will support NFT Solana. Jane Manchun Wong, a security consultant, released photos from the OpenSea platform on Twitter in January. She found the connectedness of OpenSea’s Phantom wallet. In turn, it is required for token transactions on the Solana blockchain.

At the time, OpenSea reacted simply to Wong’s tweet with a wide-eyed happy face but did not immediately confirm or reject her statement. However, many prominent Solana NFT projects, including SolPunks, Turtles, Remnants, and Degenerate Ape Academy, have declared their desire to list on OpenSea in April. With the Solana integration, OpenSea will be competing directly with Magic Eden, Solanart, and Solsea, the top NFT markets on the Solana blockchain.

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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Valentyna Bereza, Team bit4you.