Here’s why Solana could be the face of OpenSea

Sahana Kiran
Source – Unsplash

The world’s largest NFT marketplace, OpenSea rose to popularity thanks to the fervor around non-fungible tokens [NFT]. Eyeing expansion, OpenSea was looking to onboard Solana [SOL]. As per a recent teaser shared on Twitter, the NFT marketplace will include SOL in its system next month.

The NFT community has been flooding OpenSea with queries regarding the addition of Solana. Finally, adhering to the demand of the public, OpenSea decided to include the altcoin.

It was speculated that the platform could have started working on the integration of Solana in January 2022 or earlier. Back in January, prominent hacker, Jane Manchun Wong had shared images of how OpenSea had displayed support for Solana’s wallet Phantom.

Following this revelation, the community had been expecting confirmation from OpenSea itself. As a result, the above news did not surprise anyone.

Could Solana soon be taking the throne?

Solana has been emerging as the talk of the crypto town. With multiple updates and price performance, SOL is at the top of its game. The altcoin started as an Ethereum killer and now it seems to be bringing this to life. The DeFi and NFT space is primarily dominated by Ethereum. The tables were turning with OpenSea welcoming Solana into its ecosystem.

Just yesterday, the SOL NFT market transactions peaked at a high of 57.1k. The transaction volume followed suit by reaching 136k SOL. Journalist Colin Wu took to Twitter and further pointed out this movement.

Additionally, Solana has already managed to garner volume of this magnitude. Therefore, the asset is sure to attain a much-needed boost following its arrival on OpenSea.

The monthly transaction volume of Ethereum, on the other hand, has been depreciating since the beginning of the year. After witnessing record-breaking volume in January, the monthly volume of Ethereum on OpenSea went downhill.

Source – Dune Analytics

This depreciation has further caused the community to speculate that Solana could take over Ethereum as the face of OpenSea.