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Tuesday, October 4, 2022
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    HomeNFTOpenSea Reportedly Planning to Integrate Solana And Phantom Wallet

    OpenSea Reportedly Planning to Integrate Solana And Phantom Wallet

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    OpenSea, the largest Non-Fungible Token (NFT) market, is making ready to characteristic NFTs on the Solana (SOL) blockchain quickly. Screenshots shared by Jane Manchun Wong, a prolific hacker who has leaked a number of yet-to-launch options of tech platforms, point out this, including that OpenSea may even combine help for Solana pockets, Phantom.

    OpenSea to help Solana-based NFTs and Phantom pockets

    But to be launched options leaked by Jane Manchun Wong, signifies that OpenSea is engaged on permitting the buying and selling of Solana (SOL) primarily based NFTs. Wong, 23, is a notable hacker who has uncovered many related yet-to-be-released options in addition to options in testing by way of reverse engineering of their codebase. OpenSea has not confirmed the mixing however is conscious of the leaked picture.

    OpenSea presently helps solely three blockchains together with Ethereum (ETH), Polygon (MATIC), and Klaytyn (KLAY). In an replace 5 months in the past they disclosed that they had been engaged on supporting different blockchains, particularly EVM suitable ones.

    The combination of Solana on the platform can have many constructive implications for each Solana-based NFT tasks and OpenSea. For the reason that Solana blockchain started supporting NFTs final 12 months, the blockchains’ NFT market share has skyrocketed. In keeping with data from NFT tracker CryptoSlam, NFT gross sales on the Solana blockchain surpassed $1 billion in all-time complete quantity this month for the primary time.

    In the meantime, analysts at JPMorgan led by Nikolaos Panigirtzoglou have recently billed Solana to be a menace to Ethereum’s NFT market share. JPMorgan’s evaluation famous that Ethereum’s NFT market dominance had fallen from round 95% firstly of 2021 to round 80% as a consequence of excessive transaction charges.

    For OpenSea, supporting Solana-based NFTs will imply extra traders coming to its already extremely profitable platform.

    NFT adoption not dropping any momentum

    The strikes being made by OpenSea and Solana is simply the newest improvement within the NFT house. Not too long ago YouTube’s CEO, Susan Wojcicki, hinted that the video streaming platform was contemplating integrating NFTs in 2022. She provides that this may assist creators on the platform monetize their content material extra simply.

    Meta’s Fb and Instagram additionally plan to leap on the NFT bandwagon this 12 months. All this adoption has market individuals extremely optimistic that the NFT market will proceed the meteoric rise that began in 2021 that noticed it surpass $40 billion going by a Chainalysis report. Market pundit Kevin O’Leary, additionally lately speculated that the NFT market has the potential to grow to be greater than Bitcoin.

    Disclaimer

    The introduced content material could embrace the non-public opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any duty on your private monetary loss.

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