How the OpenSea x Solana integration could benefit SOL price and their NFTs…but hinder Magic Eden

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Coinmonks

3 min readMar 29, 2022

Integration of Phantom Wallet and Solana onto OpenSea

NFT Marketplaces

Despite $22b of NFT transactions being done on OpenSea (OS) since its inception, gas fees on the Ethereum (ETH) network has always been the fly in the ointment. On the other side of the NFT pond, Solana (SOL) is producing sales of $1.2b in NFTs — namely across marketplaces such as Magic Eden (ME) and Solanart. In other words, only 5% of NFT transactions are through SOL!

This leads me to my next key point; if OS allows SOL integration as well as the Phantom Wallet function, this will open up the SOL NFT marketplace to the potential buying power of that aforementioned $22b that has taken place so far in OS. But, with one vital difference, next to no gas fees…move aside BAYC, Solana Monkey Business means business!

Another benefit to this integration is that we will be able to see trending and top NFT collections across both ETH & SOL in one place! This also helps OS secure more market share over its competitors such as ME and LooksRare.

SOL vs ETH fees

Forever we have read articles, blogs and tweets about the ridiculous ETH gas fees when someone is purchasing an NFT on OS. As an avid SOL NFT buyer, I see the benefits of this blockchain and would argue it is up to 60X cheaper to mint on SOL than ETH.

However, this integration may well hinder ME’s growth story but only time will tell. One thing we know for sure though is ME is very popular in the SOL space despite the questions over it’s misleading UI.

Ethereum killer

The energy consumption for a single transaction on Solana is 0.00051 kilowatt-hour (kWh), whereas Ethereum’s consumption is 238.22 kWh. This puts SOL in a positive light in terms of cost per transaction (both efficient and scalable) and their smaller environment footprint. These are some of the reasons why people are dubbing SOL as the ‘Ethereum killer’.

Conclusion

I think this OS integration of SOL and Phantom Wallet is a good thing if it happens! We shouldn’t expect mass adoption straight away from non-SOL users but over time this will increase SOL’s value and bring a lot of attention to SOL NFTs, so they can compete fairly with theETH ones.

Thank you for reading to the end. If you have any comments or questions about this article, please leave a message. Also, if there are any mistakes in the content, I would appreciate it if you could point them out.

Charlie SOL

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How the OpenSea x Solana integration could benefit SOL price and their NFTs…but hinder Magic Eden

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Written by Charlie SOL