OpenSea, the biggest Non-Fungible Token (NFT) marketplace, is preparing to feature NFTs on the Solana (SOL) blockchain soon. Screenshots shared by Jane Manchun Wong, a prolific hacker who has leaked several yet-to-launch features of tech platforms, indicate this, adding that OpenSea will also integrate support for Solana wallet, Phantom.
OpenSea to support Solana-based NFTs and Phantom wallet
Yet to be released features leaked by Jane Manchun Wong, indicates that OpenSea is working on allowing the trading of Solana (SOL) based NFTs. Wong, 23, is a notable hacker who has uncovered many similar yet-to-be-released features as well as features in testing through reverse engineering of their codebase. OpenSea has not confirmed the integration but is aware of the leaked image.
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— OpenSea (@opensea) January 26, 2022
OpenSea currently supports only three blockchains including Ethereum (ETH), Polygon (MATIC), and Klaytyn (KLAY). In an update five months ago they disclosed that they were working on supporting other blockchains, especially EVM compatible ones.
The integration of Solana on the platform will have many positive implications for both Solana-based NFT projects and OpenSea. Since the Solana blockchain began supporting NFTs last year, the blockchains’ NFT market share has skyrocketed. According to data from NFT tracker CryptoSlam, NFT sales on the Solana blockchain surpassed $1 billion in all-time total volume this month for the first time.
Meanwhile, analysts at JPMorgan led by Nikolaos Panigirtzoglou have recently billed Solana to be a threat to Ethereum’s NFT market share. JPMorgan’s analysis noted that Ethereum’s NFT market dominance had fallen from around 95% at the start of 2021 to around 80% due to high transaction fees.
For OpenSea, supporting Solana-based NFTs will mean more investors coming to its already highly successful platform.
NFT adoption not losing any momentum
The moves being made by OpenSea and Solana is only the latest development in the NFT space. Recently YouTube’s CEO, Susan Wojcicki, hinted that the video streaming platform was considering integrating NFTs in 2022. She adds that this will help creators on the platform monetize their content more easily.
Meta’s Facebook and Instagram also plan to jump on the NFT bandwagon this year. All this adoption has market participants highly optimistic that the NFT market will continue the meteoric rise that started in 2021 that saw it surpass $40 billion going by a Chainalysis report. Market pundit Kevin O’Leary, also recently speculated that the NFT market has the potential to become bigger than Bitcoin.
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