OpenSea Expands Support for Solana-Based NFTs Amid Market Contraction
OpenSea has expanded its support for non-fungible tokens (NFTs) to include Solana-based collections, marking a significant move in the company's multichain strategy. This development comes roughly four years after OpenSea ended its beta service for Solana NFT trading in April 2022.
The integration is made possible through OS2, OpenSea's newly built next-generation platform, which allows for cross-chain trading of both NFTs and fungible tokens across more than 19 blockchain networks. Major Solana NFT collections now available on the platform include Claynosaurz, Mad Lads, BoDoggos, Collector Crypt, and Phygitals.
Unlike its previous beta service, which supported only 165 collections, OpenSea's current support for Solana NFTs is not limited to specific collections. The company has dedicated infrastructure in the form of OS2, and the growth of NFT collectibles platforms within the Solana ecosystem has increased the necessity for OpenSea to enter the market.
The expansion comes amid a sharp contraction in the NFT market compared to its previous peak. Monthly NFT marketplace trading volume has fallen from billions of dollars in 2021-2022 to the hundreds of millions of dollars range recently. The competitive landscape within the Solana NFT ecosystem is also shifting, with Magic Eden choosing to shut down its Bitcoin and EVM marketplaces and refocus resources on Solana.