The announcement that OpenSea is going to integrate Solana NFTs drove the SOL price up. Now the market is cooling off for several reasons and it seems that many traders bought the rumors and now others are selling on the news. Despite harsher market conditions, Solana NFTs have started on OpenSea and are creating exciting opportunities for collectors as well as for NFT traders.
Which collections are available on OpenSea? And how are those NFTs performing in comparison to the initial announcement?
It’s still a beta
Solana offers low gas fees and fast transaction speeds making it more convenient for users to interact with Defi and Web3 technologies. It is worth remembering that Solanas technology is still in a very early stage and is still facing hiccups from time to time.
That being said, the OpenSea integration is also a beta which leaves room for a lot of improvements. The start of Solana NFTs was long-anticipated and when the announcement was made at the end of March it came as no surprise that Solana NFTs would find a new home.
OpenSea is the biggest marketplace for NFTs worldwide with a multi-billion-dollar trading volume every year. Needless to say, the excitement over several NFT collections grew in an instant after the news broke via Twitter.
There were a couple of iconic collections on Solana that saw a hike in price right after the announcement. Now that the beta started the floor price exploded. The DeGods saw an increase of more than 60 % since the announcement.
Interestingly enough others like the Degenerate Ape Academy remained stable with a floor price between 88 and 98 SOL depending on which platform the NFTs are being offered. This shows clearly that the NFT market creates exciting investment opportunities but investors are well-advised to study the market carefully.
A “spray and pray” approach can easily lead to an unwanted outcome. There are also a lot of NFT collections that remained completely unimpressed by the launch and it seems that building a strong community that is supporting the project is one of the most important factors. Another important factor is the limited availability of collections. Not all NFTs are part of the ongoing beta which leaves room for speculation. Once every collection will become available things could get more interesting with more investors getting involved.