OpenSea Begins Solana NFT Integration, SOL Price Down 10%

UTC by Steve Muchoki · 3 min read
OpenSea Begins Solana NFT Integration, SOL Price Down 10%
Photo: Depositphotos

OpenSea is committed to bringing more global NFT users together under one platform.

OpenSean, a billion-dollar NFT marketplace, is integrating Solana-based NFTs. However, the NFT marketplace has notified traders that Solana is experiencing a demand influx that is causing intermittent downtime. Still, Solana-based NFTs are available for trade on the platform as of reporting time.  For instance, the Moondusa, a Solana-based NFT that is owned by Axtec87, is live on OpenSea at the current price of 25 SOL.

Following the successful integration of the Solana chain, OpenSea now supports four blockchains including Ethereum, Polygon, and Klatyn. Connecting the existing chains has been identified as a huge market opportunity. Furthermore, there are over 13,000 crypto projects all of which are operating solely.

Digital artwork enthusiasts can now trade more seamlessly through OpenSea, regardless of the chain of origin. Thereby opening up the NFT market that has experienced tremendous growth over the past year. Reportedly, OpenSea’s transaction volume increased over 600 times in 2021.

OpenSea is committed to bringing more global NFT users together under one platform. Earlier this year, the NFT platform closed its Series C funding round with $300 million at a valuation of $13 billion. The funding round was led by Paradigm and Coatue according to the company.

Indeed, the company has proved beyond reasonable doubt that it is the go-to NFT marketplace. Additionally, the platform is Ethereum-built where most of the circulating NFTs are from.

The company intends to accelerate product development, improve customer support, invest in the Web3 community and grow its team.

Bigger Picture on Integration of Solana by OpenSea

As the fourth blockchain to get recognition by the largest NFT marketplace in the world, Solana is bound for more gains in the future. The asset recorded tremendous gains last year when it rallied to an all-time high of around $260.

According to market data provided by CoinGecko, SOL has risen from an all-time low of around $0.5 back in May 2020. The asset is up approximately 357 percent, 39 percent, and 20 percent in the past year, 30 days and 14 days respectively.

At the time of reporting, Solana had a market cap of approximately $37.3 billion, thus a market dominance of 1.78 percent.

Nevertheless, Sol has recorded a double-digit loss as with most crypto assets in the past 24 hours. As of reporting time, the asset was trading around $114.38, down approximately 10 percent in the past 24 hours.

Ranked position 8 by market capitalization, Solana is competing with other smart contract blockchains in the market. However, with the OpenSea integration, more volume is expected to be recorded in the coming months. Thereby guaranteeing Sol of future growth prospects.

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