OpenSea Reportedly Planning to Integrate Solana And Phantom Wallet

OpenSea, the largest Non-Fungible Token (NFT) marketplace, is preparing to put NFTs on the Solana (SOL) blockchain soon. The screenshot shared by Jane Manchun Wong, a hacker who leaked some unreleased features of the technology platforms, shows this, adding that OpenSea will also integrate support. for Solana, Phantom wallet.

OpenSea to support Solana-based NFT and Phantom wallet

However, due to Jane Manchun Wong’s release the features were leaked, indicating that OpenSea is working to enable trading of Solana-based NFTs (SOL). Wong, 23, is a notable hacker who discovered many similar unreleased features as well as features during testing through reverse engineering their codebase. OpenSea has not confirmed the integration but is aware of the leaked image.

OpenSea currently only supports three blockchains including Ethereum (ETH), Polygon (MATIC) and Klaytyn (KLAY). In an update 5 months ago, they revealed that they are working on supporting other blockchains, especially EVM-compatible blockchains.

The integration of Solana on the platform will have many positive implications for both Solana and OpenSea-based NFT projects. Since the Solana blockchain started supporting NFT last year, the blockchain’s NFT market share has skyrocketed. According to data from NFT tracker CryptoSlam, NFT sales on the Solana blockchain surpassed $1 billion in all-time volume for the first time this month.

Meanwhile, analysts at JPMorgan led by Nikolaos Panigirtzoglou recently suggested that Solana is a threat to Ethereum’s NFT market share. JPMorgan’s analysis notes that Ethereum’s NFT market dominance has dropped from around 95% in early 2021 to around 80% due to high transaction fees.

For OpenSea, support for Solana-based NFTs will mean more investors coming to its already successful platform.

Adoption of NFT doesn’t lose any momentum

The moves being made by OpenSea and Solana are just the latest developments in the NFT space. Recently, YouTube CEO Susan Wojcicki hinted that the video streaming platform is considering integrating NFT by 2022. She added that this will help creators on the platform earn money. monetize their content easier.

Meta’s Facebook and Instagram also plan to jump into the NFT group this year. All of this adoption makes market participants very optimistic that the NFT market will continue its hyper-accelerated momentum that began in 2021, which saw it surpass $40 billion as reported by Chainalysis. Market expert Kevin O’Leary, also recently speculated that the NFT market has the potential to become larger than Bitcoin.

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