In a tweet by tech blogger Jane Manchun Wong the other day, OpenSea looks to be integrating Solana NFTs into their platform soon.
— Jane Manchun Wong (@wongmjane) January 25, 2022
This tweet seemed to go a little under the radar, and the market really hasn’t reacted to this yet. But SOL NFTs coming to OpenSea is massive news.
OpenSea responded below the tweet to essentially confirm the rumor.
— OpenSea (@opensea) January 26, 2022
OpenSea is already the market leader in Ethereum and Polygon NFT volume. They will soon be the leader in Solana NFT volume.
What Does This Mean for the NFT Market?
Magic Eden and Solanart combined for $39M in total volume over the last week. This combines for the second-most in marketplace volume over this time period. That is when you take out LooksRare wash trading numbers.
While OpenSea is still far and away king at USD $1.04B in total volume over that same stretch. While the SOL integration into OpenSea may seem like a small drop in the bucket on a grander scale, let’s take a look at some numbers.
Solana is home to some of the largest and most popular NFT collections available. This includes:
- Shadowy Super Coder DAO
- 120 SOL = 4 ETH
- Solana Monkey Business
- 177.9SOL = 6.52 ETH
- Degenerate Ape Academy
- 56.3 = 2.05 ETH
- Boryoku Dragonz
- 302 SOL = 11.07 ETH
By no means are these small projects. When trading for these collections becomes active on the most popular trading platform, their floor prices are going to skyrocket.
What Should I Be Buying Right Now?
Solana NFTs, plain and simple. These top collections have similar floors to that of OpenSea’s most popular collections, but there is a key difference that we mentioned above. These collections are, currently, only available on Magic Eden and Solanart. These sites combined saw just 3% of the total volume OpenSea saw in the same stretch. What’s going to happen when the availability of these collections increases exponentially? The floor price probably will too. It’s pretty simple economics. Supply and Demand. The supply of these collections is fixed. It can’t increase! But, the demand is about to go through the roof.
If you want some easy flips, go through the top Solana Collections and consider some from the Top 25. It’s probably safe to assume that a lot of lower-quality Solana projects will get lost in the noise that is OpenSea. The ones that are actually building long-term, and have strong communities behind them, will only benefit from this integration.
NOTE: Remember always to do your research, make your own decisions, and invest in projects that interest you!
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