Solana non-fungible tokens have been integrated into OpenSea in a beta launch with a 21% drop in sales in the past 24 hours.
The scaling-centered blockchain aims to capitalize on its relatively cheaper and faster transaction speeds to increase the adoption of digital assets.
Solana becomes the fourth blockchain network to be added on OpenSea aside from Ethereum, Polygon, and Klatyn.
OpenSea will directly compete with Magic Eden, a non-fungible token marketplace dominant on the Solana blockchain. Magic Eden operates more than 90% of the NFT sales on Solana.
Solana integration is part of OpenSea expansion plans since raising $300 million from investors in January towards marketplace development, giving it a valuation of $13.3 billion.
Data from Cryptoslam shows that Ethereum-based non-fungible tokens dropped 27% in the past day, with the network remaining the most significant in a number of hosted tokens.
Source: Twitter
The moment you’ve been waiting for… @Solana is officially on OpenSea – starting today, with our initial beta!https://t.co/VjhqeGHZxc
— OpenSea (@opensea) April 6, 2022