OpenSea launched in December of 2017. Today, it is the largest NFT marketplace in the world. Now, they just announced that they will add Solana NFTs starting in April 2022. They announced the news on Twitter earlier today (Mar. 29, 2022). Solana would become the fourth blockchain network whose NFTs can trade on OpenSea, after Ethereum, Polygon, and Klaytn.
This move wasn’t entirely unexpected. In January 2022, tech blogger Jane Manchun Wong tweeted that OpenSea was working on Solana integration.
Scumbags founder B. Haley tweeted a similar image showing OpenSea’s blockchain filter featuring Solana in November 2021.
Magic Eden is currently the leading marketplace for Solana NFTs with 414,260 traders and $706 million in total sales volume. Solana is the third-largest blockchain in terms of NFT sales with $1.26 billion sold to 244,107 buyers across more than 1.3 million transactions.
When it comes to Web3 marketplaces, Magic Eden is currently the leading platform for Solana NFTs. It has some 414,260 traders and $706 million in total sales volume. For comparison, OpenSea has recorded $22.73 billion in NFT sales thanks to its 1.3 million buyers. And its worth? A staggering $13.3 billion.
But does its size make OpenSea the best place to buy SOL? Not necessarily.
OpenSea will have a tough time competing with Magic Eden’s low transaction fees. Magic Eden charges a 2% transaction fee, but it has no listing fee. OpenSea, on the other hand, charges 2.5% on every transaction. While the average transaction on Magic Eden is just $96.50, OpenSea users spend an average of $1,872. But the two platforms don’t necessarily need to consider themselves competitors – they simply cater to different kinds of buyers. Specifically, MagicEden is geared more towards users who want lower-cost NFTs and higher velocity trading.