According to a tweet from OpenSea on Tuesday, the digital collectibles marketplace will soon accept Solana non-fungible tokens (NFTs).
For the better part of 2022, industry insiders have been predicting this news. Jane Manchun Wong, a tech writer, saw hints that OpenSea was getting ready to enable Solana digital wallets towards the end of January.
According to data tracker CryptoSlam, Solana is the second most popular NFT, behind market leader Ethereum.
More than 20,000 people have liked and retweeted the video shared by Opensea on Twitter.
The effects of this partnership
Solana is making a name for itself as a prominent participant in the NFT market, hosting popular collections such as Solana Monkey Business and Degenerate Ape Academy.
The backing of OpenSea will undoubtedly have an effect on the markets.
There is a possibility that the floor price of Solana-based NFTs, as well as transaction volumes, may rise significantly.
However, Solana NFT markets like Magic Eden and SolanArt are concerned that Solana will take a significant portion of their market share.
Solana and its market share
More than 1.3 million transactions totaling over $1.26 billion in sales have been completed so far by, with 244,107 purchasers. Furthermore, it stands to reason that Solana’s popularity will only grow as it becomes more integrated with OpenSea.
In February, OpenSea announced the introduction of its own venture capital program, with the goal of making investments in NFT-related firms and initiatives. The venture arm’s scope includes social and gaming-related ventures.