OpenSea Is Reportedly Working on Solana Integration for NFTs
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OpenSea, the world’s largest platform for trading Non-Fungible Tokens (NFT), is reportedly working on integrating Solana and native Web3 wallet Phantom into its platform, according to a tweet by a famous security researcher and tech blogger Jane Manchun Wong.
A second tweet that she also posted contained a picture that showed OpenSea’s ‘Chains Filter’ ( a feature on the platform that allowed users to select which blockchain they want to trade on) showing Solana as an option alongside other blockchains like Ethereum, Polygon, and Klaytn.
Will OpenSea Support Solana?
While OpenSea has not made any announcement to either confirm or refute Wong’s tweet, on the platform’s official Twitter page there was a reply to her tweet. The reply was a “glancing eyes” emoji, which indicates that Wong’s tweet had some truth in it and that OpenSea is most likely working on adding Solana to its platform.
Solana blockchain became an alternative for most NFT-related projects with its low fees and faster transaction processing due to the high fees and the increased load on the Ethereum network.
The blockchain was recently updated to version 1.8.14 after suffering from a number of major network outages and congestion issues. However, the network’s issues do not refute the fact that even institutional investors are flocking to the blockchain. With its fees lower than that of the Ethereum network and its performance faster, the integration that OpenSea is allegedly planning with the blockchain will definitely benefit the platform’s users.
In a recent Series C funding round that was handled by Paradigm and Coatue Management, OpenSea raised up to $300 million. Some of the funds generated, according to the platform, will be used to invest in new product development and various Web3 technologies and developers to foster the widespread adoption of blockchain technology.
Unfortunately for the NFT marketplace, a few weeks after the fundraising, OpenSea reportedly suffered a front-end attack that caused it to lose about 332 ETH worth $800k.
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