Magic Eden currently dominates Solana NFT sales with over 90% market share in the past week, according to a Dune Analytics dashboard.
Magic Eden’s 2% transaction fee is 50 basis points below OpenSea’s, giving buyers and sellers a slight edge there. Whether that will be enough to stave off the market leader remains to be seen.
OpenSea confirmed via Twitter Tuesday, that Solana non-fungible tokens ( NFTs ) will be available on its marketplace for digital collectibles.
The best kept secret in web3🤣 pic.twitter.com/xuZn64cZ4U
— OpenSea (@opensea) March 29, 2022
A “wen solana?” video teasing the April addition, but withholding an exact date, revealed that the company worth over $13B and was “the best kept secret on web3”.
This news was expected by industry insiders for a good portion of 2022. Jane Manchun Wong , a tech blogger, noticed signs that OpenSea was preparing to support Solana digital wallets in late January. OpenSea’s website code is littered even Tuesday with mentions about the fast and inexpensive chain.
Solana will be the third and fourth layer 1 and 4 blockchain networks whose NFTs are able to trade on OpenSea. According to data tracker CryptoSlam, Solana ranks second in NFT sales over all time behind market leader Ethereum.
Magic Eden, the market leader for Solana NFTs, could be challenged by OpenSea’s growth.
According to Dune Analytics dashboard, Magic Eden currently dominates Solana TFT sales with more than 90% market share over the past week.
Magic Eden’s transaction fee of 2% is 50 basis points lower than OpenSea’s. This gives buyers and sellers an advantage. It remains to be seen if that will be enough for the market leader to fend off.
