Biggest NFT Marketplace OpenSea Working on Solana and Phantom Wallet Integration

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.

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.”

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.

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.”

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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Tobi Loba

Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.