Solana Is Now on OpenSea | What Does This Mean for Solana?
Hannah Scherwatzky / ONE37pm
Solana is the fastest growing blockchain in the world, with thousands of people spanning across DeFi, NFTs, Web3, and more. Recently, OpenSea announced that Solana is now a supported blockchain on their platform, so what does this mean for Solana?
Solana’s integration into the OpenSea marketplace means that Solana is a real competitor in the world of NFTs. Boasting quick transaction speeds and low gas fees, Solana has all the right things to compete with popular blockchains like Ethereum.
So what does this all mean for Solana?
Why use Solana on OpenSea?
If you are wondering why someone might want to use Solana over Ethereum on OpenSea, there are a few legitimate reasons.
- Keep NFTs in your wallet right until they're sold
Unlike other NFT marketplaces, when you list an NFT on OpenSea, your NFT remains in your wallet until it is sold. This may not seem like a big deal, but it’s nice to know where your NFTs are at all times in my opinion.
- It's energy-efficient and eco-friendly
We all know that Solana is one of the most efficient NFT blockchains in the world, and that remains true on OpenSea. A transaction on the Solana blockchain uses less energy than two Google searches. Take that, Ethereum!
- Enjoy low gas fees and fast transactions
In addition to the minimal amount of energy required to transact on the Solana blockchain, the gas fees are extremely low (less than $0.01) and super fast, with a theoretical throughput of 65,000 transactions per second.
If this seems too good to be true, it’s not. This is the future of blockchain technology. Most of us are accustomed to exorbitantly high transaction fees and subpar throughput times, but that is only because this technology is so new.
As blockchain technology continues to progress, as will its optimization. Solana is a good example of what the potential of blockchain tech will look like for all users, and likely in the very near future.
OpenSea’s Solana Beta
To be completely honest, Solana is still in the Beta phase on OpenSea, but that doesn’t mean its potential to take over the NFT industry is any less. So, what can you do with OpenSea’s Solana Beta phase?
The initial beta launch of Solana on OpenSea means that there will be limited collection coverage. Currently, there are approximately 190 NFT collections from the Solana blockchain showcased on OpenSea, but that hasn’t slowed anyone down from buying their own Solana NFTs.
One of the main reasons OpenSea is starting off slowly with the integration of Solana is to receive feedback from the community. Web3 is all about community involvement, and I believe this is the right move on OpenSea’s end, simply because the community knows what they want, and all Opensea has to do is watch and listen.
OpenSea asks that users share any feedback in the #solana-discussion channel in their Discord.
How to see your Solana NFTs on OpenSea
If you want to see your Solana NFTs on OpenSea, first make sure that you are logged in with your Solana wallet. For the time being, you will have to use separate wallet accounts for your Ethereum-based and Solana-based NFTs.
Ensure that you are logged into your Solana account by checking that the wallet address on your OpenSea account is the one associated with your Solana wallet. Once you are logged into OpenSea, you can view all your Solana-based NFTs under the Collected tab in your profile.
Without a doubt, OpenSea’s decision to integrate Solana into their platform was a wise move, not only for the Solana network but for OpenSea as well.
Considering Solana is one of the most popular NFT blockchains following behind Ethereum, this should bring even more users to the OpenSea platform. Ultimately, it’s a win-win for everyone.
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