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OpenSea launches Solana Launchpad, offering NFT issuance services! However, trading volume still lags behind Magic Eden.

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OpenSea launches Solana Launchpad, offering NFT issuance services! However, trading volume still lags behind Magic Eden.

Since early April this year when OpenSea began supporting NFTs on Solana, it finally announced on the 18th the launch of a dedicated Launchpad for Solana, allowing creators to mint Solana NFTs through OpenSea and providing a seamless minting experience.

OpenSea Launches Solana Launchpad

According to the official announcement, creators can now experience a full-service Solana minting service on OpenSea, including guidance through the minting process, whitelisting for supporters and communities, and secondary sales services post-minting, all through Solana Launchpad.

The image below shows a conceptual diagram of Solana Launchpad, where information about creators and images, as well as pricing, minting time, quantity, and social media, are all presented.

Future Plans for Solana NFTs

Following the release of Solana Launchpad, OpenSea also outlined several upcoming updates, including:

  1. Solana Collections to Automatically Show:
    Any creator can issue Solana collectibles, which will automatically display on OpenSea. Once minting becomes open, creators can find and share collection links with their communities.
  2. Permanent Custody of NFTs:
    OpenSea notes that some Solana markets may require users to relinquish custody of their NFTs in order to list them for sale. This means the NFTs will not be in the users' wallets and will be held under third-party custody, potentially losing access to the NFT. OpenSea commits to never holding or custodizing users' NFTs, keeping them securely in users' wallets until sold or transferred.

Market Share of Solana NFTs

According to data from Dune Analytics here, despite OpenSea's recent ambitions in the Solana NFT market, it has not been able to capture a significant market share.

The leader in the Solana NFT market, Magic Eden, still holds over 97% of the market share, with OpenSea accounting for only around 1-3% of daily trading volume, showing a trend of gradual decline.

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