Only time will tell whether NFTs are the future of art and collectibles. In the meantime, there is no denial of the fact that there are interesting case studies on the digitization and decentralization of culture. Hence, it is definitely worth the thought to hop on the NFT bandwagon. Brands not having an NFT strategy right now can be likened to brands in the 1970’s.
Despite the ongoing plunge in interest around non-fungible tokens, or NFTs over recent times, there still seems to be quite a knowledge gap regarding what they really are, how useful they are and whether they could become a valuable asset for individuals and businesses. The act propelled by Opensea towards listing Solana NFTs on its platform may be answers coming forth in disguise.
Build and Build
Subsequently, after months of building leaks, leading NFT marketplace, OpenSea, confirmed recently that it will indeed add support for NFTs minted on the Solana blockchain. The brand revealed the news with a short teaser video posted to its official Twitter account, poking fun at the re-routed tweets pointing its way about plans to add Solana.
In the video tweeted by OpenSea, it featured a caption, thus: “the best kept secret in Web3,”. It’s worthy to note that Solana support will be coming this month (April) with no precise date being mentioned in the press release.
Soul Tie On Solana
Solana is the second-largest NFT ecosystem behind Ethereum, with an estimated market cap of $1.5 billion across its myriad collections. The Solana NFT space grew rapidly with many rising collections like Solana Monkey Business, Degenerate Ape Academy, and Aurory. Solana offers faster, cheaper, and more energy-efficient transactions than Ethereum’s mainnet.
Spotlights On The Sea: Lets Dive
The Ethereum-driven OpenSea is currently the most popular marketplace across the wider NFT industry, racking up billions of dollars each month in trading volume, including more than $5 billion in January across Ethereum and sidechain scaling solution, Polygon. In January alone, OpenSea was valued at $13.3 billion following a $300 million Series C raise. OpenSea is mostly known for its NFTs based on Ethereum but the recent addition makes SOL the fourth blockchain to receive support after Polygon and Klaytn.
With the smart move by OpenSea as it closes in support for Solana NFTs, the move could give Solana NFTs a sliver break of the market compared to Ethereum collectibles. Solana would become the third layer 1 and fourth blockchain network whose NFTs can trade on OpenSea, after Ethereum, Polygon and Klaytn.
The Complimentary Close
The good news is that the true impact of NFTs will unfold gradually over the next few years owing to the fact that there is ample time to figure out the space. Wading into the murky waters of Web3 will seem daunting at first. Over time, brands must figure out what works for them through trial, error and observing what succeeds and fails for others. Remember that much like with Web1 and Web2, earnest adoption and experimentation will attract greater rewards.