OpenSea Reportedly Planning to Integrate Solana And Phantom Wallet

OpoOpenSea, the largest Non-Fungible Token (NFT) market, is making ready to characteristic NFTs on the Solana (SOL) blockchain quickly. Screenshots shared by Jane Manchun Wong, a prolific hacker who has leaked a number of yet-to-launch options of tech platforms, point out this, including that OpenSea will even combine assist for Solana pockets, Phantom.

OpenSea to assist Solana-based NFTs and Phantom pockets

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But to be launched options leaked by Jane Manchun Wong, signifies that OpenSea is engaged on permitting the buying and selling of Solana (SOL) primarily based NFTs. Wong, 23, is a notable hacker who has uncovered many related yet-to-be-released options in addition to options in testing via reverse engineering of their codebase. OpenSea has not confirmed the mixing however is conscious of the leaked picture.

OpenSea at the moment helps solely three blockchains together with Ethereum (ETH), Polygon (MATIC), and Klaytyn (KLAY). In an replace 5 months in the past they disclosed that they have been engaged on supporting different blockchains, particularly EVM suitable ones.

The combination of Solana on the platform can have many constructive implications for each Solana-based NFT initiatives and OpenSea. Because the Solana blockchain started supporting NFTs final yr, the blockchains’ NFT market share has skyrocketed. Based on data from NFT tracker CryptoSlam, NFT gross sales on the Solana blockchain surpassed $1 billion in all-time whole quantity this month for the primary time.

In the meantime, analysts at JPMorgan led by Nikolaos Panigirtzoglou have recently billed Solana to be a risk to Ethereum’s NFT market share. JPMorgan’s evaluation famous that Ethereum’s NFT market dominance had fallen from round 95% at first of 2021 to round 80% resulting from excessive transaction charges.

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For OpenSea, supporting Solana-based NFTs will imply extra traders coming to its already extremely profitable platform.

NFT adoption not shedding any momentum

The strikes being made by OpenSea and Solana is simply the most recent growth within the NFT house. Not too long ago YouTube’s CEO, Susan Wojcicki, hinted that the video streaming platform was contemplating integrating NFTs in 2022. She provides that it will assist creators on the platform monetize their content material extra simply.

Meta’s Fb and Instagram additionally plan to leap on the NFT bandwagon this yr. All this adoption has market individuals extremely optimistic that the NFT market will proceed the meteoric rise that began in 2021 that noticed it surpass $40 billion going by a Chainalysis report. Market pundit Kevin O’Leary, additionally not too long ago speculated that the NFT market has the potential to grow to be larger than Bitcoin.

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