The leading NFT marketplace has confirmed it will enable Solana support soon. That move brings all Solana-based NFTs to the trading platform and demonstrates the chain’s viability for digital artwork. A bullish sign for fans of that ecosystem, as many things are happening lately.
Solana Is Solid For NFTs
When people talk bout non-fungible tokens, the focus automatically shifts to Ethereum. It is the leading blockchain for all development activity, including dApps, blockchain games, and non-fungible tokens. However, other blockchains and ecosystems are equally robust for NFTs, even if they receive less recognition for their efforts.
Solana is one of those networks that can disrupt the NFT industry. It is already the second-highest ranked network for NFT trading volume, per CryptoSlam. Moreover, the network represents a monthly volume of over $173.3 million in March 2022, with over 92,000 unique buyers and 103,000 unique sellers. The overall transaction count on the network – for NFTs – rises too and will hit 500,000 TX per month shortly.
Many reasons exist for creators to build NFTs on Solana. The network is cheaper than Ethereum and other competitors and provides a much higher throughput. Additionally, there is strong growth, as the above metrics confirm. Just a week ago, the leading NFT marketplace confirmed it would look into supporting Solana-based non-fungible tokens soon. That integration has been accelerated and will be finalized at some point in April 2022.
The integration of Solana-based NFTs into OpenSea will bring some stiff competition to Magic Eden. The Magic Eden platform is the dominant NFT marketplace for Solana, with 0% listing fees and a 2% transaction fee. It has over $40 million in monthly volume and notes roughly 95,000 unique users. It is plausible to assume Magic Eden’s statistics influenced OpenSea’s decision to enable support for Solana.
OpenSea Needs Multi-Chain Support
It is evident that competition among NFT marketplaces will continue to heat up. OpenSea has been the dominant force for some time now, yet the recent launch of LooksRare introduced a first potential challenger. Moreover, LooksRare introduced a revenue-sharing model with users through the $LOOKS token, something OpenSea has [seemingly] no intention of pursuing or implementing.
That said, OpenSea’s team has been working on its multi-chain approach. The NFT marketplace first integrated Polygon and Klaytn to give users more options. The addition of Solana sends a strong signal to the broader industry. Additionally, it shows more people keep an eye on Solana-based NFTs than they would on Tron or BNB Chain, which may surprise some.
However, it is essential to note that Solana is about more than just non-fungible tokens. The blockchain attracts attention from DeFi builders and blockchain game developers, among other coders. The network represents $7.6 billion in DeFi Total Value Locked, putting it ahead of Fantom, Polygon, Cronos, and Tron. Moreover, several dozen dApps reside on this chain today, with more to come in the following months.
Notable Solana Projects To Watch
The integration of Solana NFTs into OpenSea will bring prominent attention to other verticals involving this network. Metaverse projects, such as MixMob, leverage the benefits of Solana to create a new paradigm. Combining music, art, fashion, and movies to establish a cultural remix in a play-to-earn MMO gaming environment across multiple game modes creates an appealing entry into the Web3 environment that any 90s kid can identify with.
Another example of leveraging Solana’s efficiency and throughput is Plutonians, an MMORPG Metaverse space strategy game. The developers use a token burn mechanic to let players unlock bigger missions and access free expansion packs to create long-term engagement. Additionally, the game lets layers create their own items, stories, campaigns, and more. That would not be possible on a blockchain without high efficiency, as players shouldn’t wait on a network confirmation for minutes before they can take their next action.
It is likely that eSports will play a big role in the future of blockchain gaming. MonkeyLeague wants to tap into that potential and purposefully built its game in the Solana blockchain. Enabling competitive team-based gameplay with player-controlled characters requires efficiency, speed, and low costs. Moreover, it enables an eSports-level competition field, bringing blockchain gaming to a mainstream audience.