OpenSea Unveils Launchpad for Solana-Based NFT Makers to Host New Mints

OpenSea currently supports NFTs built on four blockchains — Ethereum, Polygon, Klaytn, and Solana.

OpenSea Unveils Launchpad for Solana-Based NFT Makers to Host New Mints

Photo Credit: Unsplash/ PiggyBank

OpenSea has partnered Solana NFT creators, named Zoonies and Monkai for NFT drops

Highlights
  • The Solana launchpad went live on OpenSea earlier this month
  • OpenSea could be aiming to regenerate business amid dipped NFT sales
  • Solana has emerged among top blockchains for NFT creation

The OpenSea NFT marketplace has unveiled a launchpad for NFT creators that build their digital collectibles on the eco-friendly Solana blockchain. This launchpad will enable NFT creators to host new mints while also offering other services such as pre-mint activities, post-mint scaling options, as well as secondary sales support. With this launch, OpenSea has taken another step in its plan to bring a full-fledged ‘multi-chain feature' that gives its users a wide array of NFTs built on different blockchains.

“In the last year, Solana has emerged among the top blockchains for NFTs, and we share their vision of a scalable and inclusive NFT ecosystem. We will help creators navigate all pre-mint activity, allow minting for their community and supporters, as well as all post-mint and secondary sales,” OpenSea wrote in a blog post.

As part of its initial roll out, OpenSea has teamed up two Solana NFT creators, named Zoonies and Monkai.

While Zoonies offers a collection of 8,888 alien-looking NFTs, Monkai is a narrative-driven NFT project that allows holders to participate in the creation of the Monkai anime narrative and access utility via the Monkai decentralised autonomous organisation.

“With the start of our launchpad, our goal remains to build the best Solana experience in the NFT ecosystem. We are excited to launch and learn with these first drops, and we're committed to expanding primary drops,” OpenSea added.

It is however, noteworthy that the demand for NFTs took a major hit in the first two quarters of 2022.

Trade volumes across major Ether-based marketplaces showed a considerable dip sinking lower than 35,000 in May.

As per a Reuters report, monthly sales volume on the largest NFT marketplace, OpenSea, plunged to $700 million (roughly Rs. 5,500 crore) in June, down from $2.6 billion (roughly Rs. 20,600 crore) in May and a far cry from January's peak of nearly $5 billion (roughly 40,000 crore).

By late June the average NFT sale sunk to $412 (roughly Rs. 33,000) from $1,754 (roughly Rs. 1,40,000) at the end of April, according to NonFungible.com, which tracks sales on the Ethereum and Ronin blockchains.

Now that the crypto industry seems to be recovering from its ongoing slump, it could be a lucrative time for OpenSea to debut its Solana launchpad.

As per data tracker CryptoSlam, Solana ranks second in all-time NFT sales. Currently, Solana NFTs see most sales on Magic Eden marketplace.

OpenSea currently supports NFTs built on four blockchains — Ethereum, Polygon, Klaytn, and Solana.


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Further reading: Cryptocurrency, OpenSea, Solana, NFT
Radhika Parashar
Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More
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