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Phantom Wallet to Be Integrated on OpenSea as Marketplace Adds Solana Network Support

Wed, 01/26/2022 - 07:46
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Arman Shirinyan
OpenSea hints at possible support of Solana network and Phantom wallet
Phantom Wallet to Be Integrated on OpenSea as Marketplace Adds Solana Network Support
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The biggest NFT marketplace, OpenSea, is possibly adding Solana network support, according to screenshots posted by crypto-blogger Jane Manchun Wong.

Solana's potential overtaking

The integration of the new network on OpenSea was most likely found by the reverse engineering of the platform that allowed Wong to discover the hidden wallet connect feature that will allow users to connect to the platform with Phantom.

While OpenSea has not officially confirmed or denied Solana support, the official Twitter account of the platform left a comment under Wong's post tagging the blogger and Phantom wallet official account.

Ethereum prevails

Users on the marketplace mainly use Ethereum for both selling and buying non-fungible tokens. But due to the increased load on the network and increased fees, Ethereum's popularity as the main NFT network dropped significantly since the industry's popularity spike in September of 2021.

Solana became the main alternative for a vast majority of NFT-related projects, including GameFi, Metaverses and regular collections. The main "selling point" of Solana remains relatively low fees and faster transaction processing.

Solana Updates to Version 1.8.14 Following Three Days of "Degraded Performance"

Though Solana network can, in fact, offer a higher number of processed transactions per second on paper, as previously reported by U.Today, the network had been experiencing issues with both processing and uptime in the first few weeks of the new year.

As for OpenSea and the NFT industry in general, the market got its second wind at the beginning of the new year as trading volume on OpenSea spiked up to $3.8 billion in January, exceeding September's record of $3.4 billion. The daily volume on the market stays high despite the global cryptocurrency market sell-off.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.