Solana NFTs will soon become the fourth blockchain on OpenSea
OpenSea released a short teaser video on Twitter, revealing Solana NFTs will be joining the marketplace.
Since January, many developers have been aware of the high-performance blockchain joining the marketplace due to OpenSea’s web code readily supporting Solana digital wallets. Thus, the word has been circling the Web3 space since the beginning of the year.
USING SOLANA ON OPENSEA
The process of trading and buying Solana on OpenSea will be similar to using Ethereum, Polygon and Klatyn. The only difference includes needing a Solana-compatible wallet to purchase Solana-based items because of being a completely different blockchain than Ethereum.
Solana’s entire collection of NFTs will be visible on OpenSea – whether or not they are for sale. Collectors will also be able to receive and accept offers from other Solana NFTs without listing their own.
OPENSEA VS. MAGIC EDEN
Currently, Solana’s cryptocurrency token (SOL) is traded and purchased on the marketplace, Magic Eden.
Magic Eden benefits Solana in many ways, allowing members to trade using only SOL tokens (unlike OpenSea which has three other cryptocurrency options), and charges 2% for service fees rather than 2.5%.
But despite Magic Eden’s advantages, OpenSea is a challenging competitor for Magic Eden to level with. OpenSea mops up billions of dollars of trading each month, hitting a market cap of $5 billion in January alone, and is valued as the largest marketplace worldwide with a market cap of $13.3 billion.
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