Regardless of your experience in the NFT space, understanding the concept of NFT could still be a big challenge for you. For this reason, before we dive into information related to OpenSea, let’s have a basic understanding of what NFTs are to avoid further confusion.
The basic definition states that NFT is a non-fungible token. The non-fungible nature of NFTs allows them to remain unique and have intrinsic value that sets them apart from mainstream cryptocurrencies.
Each cryptocurrency is a fungible token, that is, it is interchangeable and can hold multiple tokens. Thus diminishing the concept of uniqueness. Take Ethereum as an example, a unit of Ethereum purchased by you will have the same value as one held by another cryptocurrency holder.
On the other hand, an NFT serves as a representation of a single digital item. From environments to avatars to profile pictures, NFT projects have a wide range of items within their catalog. Some of the notable profile picture avatar NFT projects include CryptoPunks, World of Women, and the famous Bored Apes Yacht Club. Additionally, they can also act as collectible items that can be used as rewards in games like Axie Infinity.
According to digital creators, NFTs are truly the most authentic and detailed application for proving ownership of digital objects. Furthermore, they allow a direct communication channel between creators and collectors while eliminating the need for an intermediary. This is considered the best facility.
What is Open Sea?
Even if no one considers it, we believe that OpenSea is an undoubted winner that the market is currently the largest NFT market in the world. However, for simpler minds, let’s consider OpenSea as an online e-commerce store like eBay but for digital items.
Alex Atallah and Devin Finzer founded OpenSea in 2017 in New York City. However, they didn’t get much traction until their introduction to the famous Y Combinator Startup Accelerator, which led to a $2.7 million endorsement.
Despite the good round of funding, the OpenSea team had a lot to prove due to people’s lack of understanding of the NFT concept. However, the NFT journey picked up steam in 2021 as the concept took off among aspiring NFT collectors and creators.
It was then that OpenSea gained the most public support and attention from the general public and the media. This showed that the vast majority of people are comfortable trading digital currencies and even own digital items that are intangible. This proved to be a testament to the fact that the age of digital natives is finally here.
OpenSea announces dedicated support for Solana-based NFTs
According to the Open Sea team, the platform is now accepting the list of Solana-based NFTs. Their blog team released an official statement on April 6, stating that: “Solana has become one of the fastest growing NFT ecosystems in the world and is among the most requested chains by the OpenSea community.”
According to developers from the largest marketplace, the platform now supports dedicated Beta support for Solana. This serves as a green signal for collectors to transact Solana-based NFTs on OpenSea. According to the platform, the integration of Solana will serve as a defining factor in growing OpenSea’s focus towards creating creative and exciting project-based communities.
An estimated total of 165 launch partners have emerged, indicating that the platform has valued both quantity and quality in its beta. While the ultimate goal is to eventually welcome the entire Solana creative community to the platform, the start had to be on a small scale and is the perfect approach taken by the world’s largest NFT market.
The platform is considered to encourage users to interact with the beta version. This will provide the platform with personalized data that can be used for final decision making regarding the full integration of the base blockchain network.
As a requirement, OpenSea asks users to get their hands on a Solana compatible wallet so that they can store their respective Solana tokens in it. Some of the notable wallets include Phantom or Glow. It is essential that users have a compatible version of Solana to successfully participate in the beta program.
Additionally, OpenSea customers have the freedom to browse the various Solana-based NFT collections with the help of the “Browse Collections” button.
Why is Solana NFT gaining traction?
The famous blockchain network, Solana (SOL) consists of several products in its chain. However, its NFT market is hands down the winner on the list of the best performing components of the chain. With the market capitalization of Solana NFTs having increased by over $900 million, it is considered one of the best NFT-backed cryptocurrencies on the market today.
The secret to the success of Solana-backed NFTs is blazing-fast chain speeds and extraordinarily low fees compared to their competition. Solana’s notable competition in the NFT market includes Ethereum, Klaytn, and Polygon.
The Solana NFT hype will only increase due to the rapid implementation of on-chain transactions. For this reason, it is the perfect opportunity to fill your hands with Solana NFT.
With the enabling of Solana-based NFT trading, OpenSea has opened its doors for many Solana enthusiasts. This will generate a high degree of traffic from dedicated Solana based NFT marketplaces like Solanart etc. For this reason, OpenSea must ensure that they stand firm on their claim and manage the huge diversion of traffic from dedicated marketplaces to their servers. Regardless of what happens, aspiring NFT collectors are happy to finally be able to support Solana’s NFT creators in one of the largest NFT markets in the world.