OpenSea Is Back on Solana—Can It Revive the NFT Market?

Alex O'Donnell

OpenSea is back on Solana. Whether the next NFT season follows is another matter.

The marketplace added Solana NFT support to its revamped OS2 platform on Aug. 31, opening with Mad Lads, Claynosaurz, Collector Crypt and Phygitals. OpenSea confirmed on Sept. 4 that buying, selling, and bidding were fully live.

The integration makes Solana (SOL) the first non-Ethereum Virtual Machine blockchain to receive full NFT trading support on OS2. It also puts Solana collections alongside tokens from more than 25 other networks.

The rollout is OpenSea's second attempt to win market share on Solana.

OpenSea previously tried adding Solana NFTs in April 2022, covering 165 collections. It gained little traction. Magic Eden (ME) and Tensor (TNSR) captured most of the network's NFT volume, and OpenSea withdrew.

This time, the platform is betting that more expansive offerings will woo traders on the crowded network.

"OpenSea should be the home for everything you collect, no matter which chain it lives on," OpenSea co-founder and CEO Devin Finzer said in the Aug. 31 announcement.

OpenSea Takes a Second Shot at Solana

OpenSea's first Solana push was built around NFTs alone.

Its latest attempt is part of an effort to become a platform for trading almost any on-chain asset. OS2 combines NFTs with fungible tokens, cross-chain swaps, portfolio tracking, and perpetual futures.

Solana is central to that strategy. OpenSea has supported Solana token trading since April 2025. However, users could not trade its NFT collections alongside other assets on Ethereum (ETH), Base, or other chains.

OpenSea's multichain reach is a significant advantage, letting it tap into a network of collectors who already use the platform elsewhere.

"OpenSea is the home for collectibles for the mainstream audience," former Metaplex developer Pedro Miranda wrote.

OpenSea's token trading has dwarfed its NFT trading. Source: Dune

Solana's NFT Market Has Changed

Crucially, the assets attracting buyers are changing.

Digital collections such as Mad Lads are still prominent. However, collections such as Claynosaurz are expanding into games, merchandise, and animated shorts.

The biggest growth driver so far this year has been tokenized trading cards.

Collector Crypt and Phygitals both store trading cards that experts have graded for authenticity and condition, then sell digital claims on them, redeemable by mail.

Since inception, Collector Crypt has processed $1.6 billion in volume across more than 130,000 cards, according to a Solana Foundation report. More than 30% of its users have redeemed at least one card.

Spending on randomized card packs hit a record $354.8 million in June before easing to $290.3 million in July, according to Blockworks Research figures reported by CoinMarketCap.

"We see tokenized collectibles becoming one of crypto's next major consumer categories," Solflare co-founder and co-CEO Vidor Gencel said in June.

DEXs such as Jupiter are now offering NFTs. Source: Jupiter

Meanwhile, wallets and decentralized exchanges—including Solflare and Jupiter (JUP)—are joining the fray.

Still, OpenSea touts a reach spanning more than 25 networks and remains one of the most recognizable NFT brands.

What Would Count as an NFT Revival?

NFT trading has yet to recapture its 2021 and 2022 prominence.

Monthly NFT marketplace volume, once measured in billions of dollars, has recently fallen to the hundreds of millions, according to The Block.

Coinbase, Kraken, and Nifty Gateway have all abandoned or scaled back dedicated NFT venues.

A true revival would require an uptick in unique buyers and sustained resale volume.

"It is clear we're entering a new era where finance and entertainment merge," Magic Eden co-founder and CEO Jack Lu said in March.

Source: https://coinmarketcap.com/academy/article/opensea-is-back-on-solana%E2%80%94can-it-revive-the-nft-market

Translate & Edit: P2E Game

Welcome to P2E GAME

Hearing the echoes from Metaverse.

Twitter | Telegram | Instagram

Lista de Jogos de Blockchain | Lista de Jogos NFTs | Lista de Jogos de Criptomoedas | Lista De Jogos Do Play to Earn

Adicione ao seus favoritos

Curtir

Comentários

Responder

Não Mais