What OpenSea’s Support For Solana NFTs Means For Investors

SOL-USD - What OpenSea’s Support For Solana NFTs Means For Investors

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Solana (SOL-USD) moved one step closer to becoming a potential “Ethereum (ETH-USD) Killer” after OpenSea, the biggest non fungible token (NFT) marketplace, announced its support for the token. The marketplace announced beta support for Solana-based NFTs. The platform believes it will provide a new set of exciting projects and communities. Moreover, the OpenSea team added that Solana has quickly emerged as a major player in the NFT realm and is one of the hottest chains in the OpenSea community. Consequently, Solana has become the fourth blockchain whose NFTs are tradable on the platform.

Solana previously had its presence in other NFT marketplaces, including Solsea, Magic Eden, and others. Magic Eden holds the lion’s share of Solana’s NFT market due to the platform’s incredible user adoption numbers. However, its volume is nowhere close to what OpenSea brings to the table. OpenSea and its new competitor in LooksRare (LOOKS-USD) have combined for roughly $4.80 billion in Ethereum NFT volume in the past 30 days.

Solana will go head-to-head against Ethereum on OpenSea for NFT volume. Solana’s blazing speeds and low transaction fees will likely catch the eyes of its users, pushing it to new highs. SOL-USD has been picking up the pace in line with the rest of the crypto market in the past month.

The OpenSea development could prove to be a major catalyst for Solana down the line. Adoption of Solana-based NFTs will increase at a healthy pace and volumes could soon rival Ethereum. SOL-USD is one of the cryptos which offers tremendous long-term utility for users and could potentially offer multi-bagger returns down the road. Its listing on OpenSea is another feather in its cap, which could steer Solana’s price to new highs.

On the date of publication, Muslim Farooque held a LONG position in SOLANA AND ETHEREUM. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines

Muslim Farooque is a keen investor and an optimist at heart. A life-long gamer and tech enthusiast, he has a particular affinity for analyzing technology stocks. Muslim holds a bachelor’s of science degree in applied accounting from Oxford Brookes University.

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