The crypto space is buzzing and for a good reason as Solana posted a teaser of what’s to come in April this year. The blockchain posted on Twitter a video confirming the launch of its NFTs on OpenSea, killing what had been rumors for a while. Considering the crypto and NFTs space has been expecting this collaboration for several months now, it is clear that people are waiting for growing opportunities from this deal.
Solana and OpenSea Join Forces
The Forbes listed 30 under 30 Jane Manchung Wong uploaded a suggestive post on Twitter in January, hinting on Solana and OpenSea’s partnership. The images she posted were apparently from the marketplace, suggesting Solana as a supported blockchain and its wallet as an option for users there. However, none of the platforms confirmed whether or not this was true.
According to the video beginning with the quote ‘wen Solana in a search bar, the platform mentioned it as ‘the best kept secret in web 3.0.’ The advantages of this reveal to the global community is but a start of what OpenSea might achieve in moving to the top in the NFTs space. This statement is not to say that the marketplace has not been on a good track. If anything, this month has generated over $5 billion in sales, according to research from Dune Analytics.
Currently, it will be more of a battle royale for all marketplaces selling Solana’s NFTs, as OpenSea takes the advantageous vantage point. This list includes Magic Eden and Solsea. Notably, a lot of projects are looking for a listing in the marketplace, including SolPunks and the Degenerate Ape.
OpenSea Remaining Strong in the NFT Space
All the praise is not to say that OpenSea has not had its fair share of ups and downs on its way to the top. January issued it a bug issue that attackers exploited to sell old NFT orders for too low a price compared to what was on the market. That situation included among the most famous NFTs, the Bored Ape Yacht Club NFTs.
Its interaction with the Ethereum blockchain led to the bug issue, despite the marketplace’s efforts to lower gas fees for users. The new smart contracts to support selling orders hopes to protect the value of NFTs in its space by enabling users to cancel old contracts at low costs.
The NFT World Becoming a Money Laundering Hub
NFTs are barely keeping the global crypto community buzz free. While standing as a more recent investing option for crypto enthusiasts, individuals are taking advantage to exploit the tokens as money laundering avenues. It raises the question of risks related to NFTs and how regulation can assist to get rid of bad actors. All the same, efforts from platforms like OpenSea remain to be hailed despite the glitches on the way.