In a new report, DappRadar reveals that Solana is recording outstanding performance in the NFT space despite the overwhelming downturn in the crypto market.

Although there is a decline in the trading volume of other blockchains, including Ethereum (ETH), Solana (SOL) trading volume has been increasing, says DappRadar.

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The report also says that Solana (SOL) also outperformed other blockchains in terms of sales count.

DappRadar’s report reads in part:

“Solana and Avalanche emerged as the clear winners with an increase in trading volume (despite the crypto pullback) of 21% and 15%.

Incumbent blockchains such as Ethereum, Binance Smart Chain (BSC), and Polygon (MATIC) suffered heavy losses of 41%, 22%, and 59%. While absolute, the low point was reached for Flow and Ronin, which saw a pullback of 71% and 84%…

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“Despite the depreciation of many tokens, the trading activity persisted on many blockchains. Solana, again as the clear winner, almost doubled its sales count by 98%, while Ethereum and BSC stayed pretty much on par with 2% and -4%, respectively. The same could not be said for the rest of the blockchains, which suffered losses of up to 75%…

“Although Ethereum has historically been the primary blockchain for NFTs, Solana has been growing as a viable alternative for new NFT projects due to relatively low gas fees and low barriers to entry.

“Magic Eden, the leading marketplace for Solana-based NFTs, has seen a record influx of traders due to the launch of many successful Solana-based collections like Okay Bears. The Solana marketplace DApp boasts 0% listing fees and only 2% trading fees. This quarter, Magic Eden accounted for 10% of all NFTs transactions.”

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Data from OpenSea shows that Solana-centric collections, such as Solana Monkey Business, are being listed and dominated in the digital token SOL.

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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.

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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.

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The post Solana (SOL) NFTs Now Live On OpenSea appeared first on Times Tabloid.

The message was passed across today in a viral tweet on OpenSea’s official Twitter handle. In the tweet, the platform captioned “The best kept secret in web3.”

The best kept secret in web3 pic.twitter.com/xuZn64cZ4U

— OpenSea (@opensea) March 29, 2022

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OpenSea to Become Direct Competitor with Magic Eden

As soon as OpenSea launches support for Solana NFTs on its marketplace in April as stated in the viral tweet, it will become Magic Eden’s direct competitor.

Rumors that OpenSea was preparing to launch support for Solana NFT widely circulated back in late January, after some screenshots appeared online. A popular blogger and hacker, Jane Manchun Wong, captioned screenshots to prove that OpenSea was on the verge to integrate Solana NFT.

Back then, the integration of the new network on OpenSea was most likely found by the reverse engineering of the platform, which allowed Wong to discover the hidden wallet connect feature that will allow users to connect to the platform with the Phantom wallet.

Read Also: Solana Partners with PUBG Creator, Krafton, To Develop and Market Blockchain-Based Games

Although OpenSea tried to distance itself from the rumor, the latest teaser video has proven that the blogger was somewhat right. Though there is no specific date yet, Solana community members can rest assured that the integration would play out in the coming month.

According to data provided by Dune Analytics, in March 2022, OpenSea recorded over 1.6 million ETH in sales volume. This shows that OpenSea is still the world’s dominant NFT marketplace.

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The post OpenSea Says Solana NFT Support is Coming In April 2022 appeared first on Times Tabloid.

According to the NFT sales tracker CryptoSlam, the sales volume of its non-fungible token (NFT) surpassed $1 billion in January 2022.

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Solana (SOL) Gaining Traction in the NFT Sector

In the later part of 2021, Solana’s NFTs gained popularity due to the problem of high transaction fees on the Ethereum network, the most popular blockchain for non-fungible tokens.

The first Solana NFT to break $1 million occurred on 11th September 2021, for a Degenerate Ape Academy NFT, part of a collection of 10,000 algorithmically generated 3D primates. While the most expensive Solana NFT sold for $2.1 million about a month later.

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According to the data shared by The Block, Solana’s highest weekly trade volumes reached $160.39 million on 29th August 2021. Howbeit, Solana is still nothing compared to Ethereum in terms of NFT trading volumes.

Also, Solana lacks high-profile NFT projects that can compete with Ethereum-based NFTs such as Bored ape Yacht Club and CryptoPunks. Nevertheless, healthy investment in the Solana NFT space has continued to gain traction and 2022 is another year to prove its worth in the NFT sector of the crypto ecosystem.

JPMorgan Thinks Ethereum is Losing Ground to Solana in the NFT sector

Due to the significantly high transaction fees on the Ethereum network, JPMorgan’s analysts, led by Nikolaos Panigirtzoglou, believe that the largest blockchain in the NFT market is already losing ground to rivals such as Solana in the NFT sector of the crypto industry.

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In a recent note to clients, JPMorgan pointed out that Ethereum’s volume share of NFT trading has fallen from relatively 95% recorded at the start of 2021 to 80%.

Panigirtzoglou wrote:

“It looks like, similar to DeFi apps, congestion and high gas fees has been inducing NFT applications to use other blockchains…

“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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