OpenSea, one of the largest non-fungible token (NFT) marketplaces, has finally integrated Solana (SOL) NFTs, a development that the Solana community has been waiting for.
Data from OpenSea shows that Solana-centric collections, such as Solana Monkey Business, are being listed and dominated in the digital token SOL.
OpenSea’s decision to add support for Solana NFT can be seen as a new expansion strategy following the whopping $300 million raised by the marketplace from investors in January 2022.
Back then, the NFT behemoth stated that the new cash investment is meant for the expansion of its marketplace and advancement into the metaverse sector. Also, the fundraising was able to push its valuation up to $13 billion, which strengthened its dominance in the NFT ecosystem.
Although no official announcement has been made by OpenSea, users can now select ‘Solana’ as a chain on the NFT marketplace.
It became certain that Solana NFTs will soon be supported by OpenSea after the crypto unicorn released a teaser that revealed its plan for the coming days.
The new development is expected to make OpenSea a direct competitor with a number of NFT marketplaces already supporting Solana NFTs, especially Magic Eden, which recently raised $27 million to become the dominant marketplace on the Solana network.
Although Solana is still far from Ethereum’s numbers in the NFT sector, its growth has been steady. According to data tracker CryptoSlam, Solana recorded $173 million in NFT trading volume in March. While OpenSea recorded relatively $3.4 billion worth of trade volumes in the same month, According to The Block.