As a report has it, OpenSea, the biggest non-fungible token (NFT) marketplace, is likely working on adding Solana network support. It’s also considering the support of the Phantom wallet.
This was revealed on Twitter by a popular blogger Jane Manchun Wong a couple of hours ago. Wong captioned screenshots to prove the likely integration.
Read Also: Pantera Capital: Solana (SOL) and Near Are Set For Immense Growth in 2022
Jane Manchun Wong wrote, “OpenSea is working on Solana integration, as well as Phantom wallet support.” In the same thread, “OpenSea’s Chains Filter showing Solana as an option.”
OpenSea’s Chains Filter showing Solana as an option pic.twitter.com/asQoYrfTm4
— Jane Manchun Wong (@wongmjane) January 25, 2022
The integration of the new network on OpenSea was most likely found by the reverse engineering of the platform that allowed Wong to discover the hidden wallet connect feature that will allow users to connect to the platform with Phantom.
Read Also: Non-Fungible Token (NFT) Sales Volume on Solana Blockchain Surpasses $1 Billion
While OpenSea has not officially confirmed or denied Solana support, the official Twitter account of the platform left a comment under Wong’s post tagging the blogger and Phantom wallet official account.
JPMorgan Says Ethereum Is Losing Ground to Solana in the NFT Sector
Due to notably high transaction fees on the Ethereum blockchain, JPMorgan’s analysts, led by Nikolaos Panigirtzoglou, believe that the largest smart contracts platform is already losing ground to rivals such as Solana in the non-fungible token (NFT) sector.
JPMorgan pointed out that Ethereum’s volume share of NFT trading has fallen from around 95% recorded at the start of 2021 to 80%.
In a research note sent to clients, Panigirtzoglou wrote:
“It looks like, similar to DeFi apps, congestion and high gas fees has been inducing NFT applications to use other blockchains.”
Read Also: Bank of America: Solana (SOL) Could Beat Ethereum (ETH) To Become Visa of Crypto Space
According to the major bank’s findings as stated in the report, the Solana network had been seizing market share from Ethereum in recent weeks.
Panigirtzoglou emphasized that if Ethereum keeps losing ground to rival blockchains, it would become a big problem for the market value of Ethereum:
“If the loss of its NFT share starts looking more sustained in 2022, that would become a bigger problem for ethereum’s valuation.”
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