Rumors say OpenSea plan to support Solana NFTs

According to information available on Twitter, OpenSea may be looking to support Solana-based NFTs in the near future.

According to information available on Twitter, OpenSea may be looking to support Solana-based NFTs in the near future.
OpenSea | Image: OpenSea

According to Twitter rumors, the world's largest NFT marketplace, OpenSea, may be planning support for Solana-based NFTs in the near future.

The OpenSea website indicates support for Solana NFTs.

Jane Manchun Wong, a popular tech blogger, published screenshots of OpenSea's website, which showed Solana among the supported blockchains of Ethereum, Klatyn, and Polygon.

In the screenshot, you can also see the marketplace supporting the Solana wallet, Phantom.

Wong claims she discovered references to Solana while reverse-engineering the marketplace website.

According to available data, OpenSea was responsible for more than 60% of NFT trades last year. As a result, providing support for NFTs from another blockchain will be part of its effort to maintain its current market dominance.

In recent months, rival blockchains such as Cardano, Solana, and others have increased their attacks on Ethereum's dominance in DeFi and NFT.

As of January 2021, Ethereum held a near-total dominance of the space, accounting for 95% of the market share. That figure is now around 80%, with the Solana network as its main competitor.

OpenSea is refusing to confirm the rumor

The platform has distanced itself from the screenshot, claiming that it is based on old rumors. An OpenSea representative stated that they would respond when they had something to say.

While the platform has chosen to remain silent on the subject, providing support for Solana is a natural next step for OpenSea.

With the "Ethereum-killer" gaining a sizable market share, it would seem logical for the leading marketplace to expand its tentacles in order to maintain its lead in the space.

However, if the story is confirmed, it will demonstrate how much ground Ethereum is losing to its competitors.

The blockchain, which has long served as the primary network for decentralized applications, is plagued by serious issues ranging from scalability to high gas fees and network congestion.

OpenSea has faced some security issues in the face of increased competition from LooksRare. A platform bug was recently exploited to steal over $1 million in NFT assets.