Is OpenSea planning to support Solana NFTs?
Available information on Twitter suggests that OpenSea could be looking to support Solana-based NFTs soon.
Rumors spreading on Twitter say that the world’s largest NFT marketplace, OpenSea, might be planning support for Solana-based NFTs soon.
OpenSea website shows support for Solana NFTs
Popular tech blogger, Jane Manchun Wong, released screenshots of OpenSea’s website showing Solana among the supported blockchains of Ethereum, Klatyn, and Polygon. The screenshot also shows the marketplace supporting Solana wallet, Phantom.
OpenSea is working on Solana integration, as well as @Phantom wallet support pic.twitter.com/ZEefshKSY1
— Jane Manchun Wong (@wongmjane) January 25, 2022
According to Wong, she discovered Solana references whilst reverse-engineering the marketplace website.
Available data shows that OpenSea was responsible for over 60% of NFT trades last year. So, providing support for NFTs from another blockchain will be part of its effort to maintain its current dominance in the space.
In recent times, Ethereum’s dominance in DeFi and NFT have come under increased attack from rival blockchains like Cardano, Solana, and others. As of January 2021, Ethereum had near-total domination of the space with 95% of the market share. That figure is now around 80%, with Solana network its closest rival.
OpenSea refuses to confirm rumor
The platform has distanced itself from the screenshot, claiming it is old speculation. An OpenSea spokesperson stated that they would comment when there’s something to say.
While the platform has chosen to remain tightlipped on the matter, providing support for Solana is a logical move for OpenSea. With the “Ethereum-killer” gaining a significant market share, it would be logical for the leading marketplace to spread its tentacles to retain its lead in the space.
However, if the story is officially confirmed, it’ll further prove how much ground Ethereum is losing to its rivals. The blockchain, which has been the prime network for decentralized applications, faces serious issues ranging from scalability to high gas fees, and network congestion.
OpenSea itself has been facing some level of security challenges amid more intense competition from LooksRare. Recently, a bug on the platform was exploited to steal over $1 million worth of NFT assets.