Written by Robert Steinadler 21 days ago

Solana summer: OpenSea is starting an NFT launchpad

This summer is getting hot because Solana NFTs are seeing more trading volume and some analysts believe that yet another “Solana summer” is imminent. OpenSea seems to pick up on that idea ever since the platform decided to integrate Solana NFTs in a beta version. The most recent move is even more exciting because it takes new collections based on Solanas blockchain to another level.

What are launchpads and how is this step strengthening the Solana ecosystem?

Launchpads are vital to the NFT economy

A launchpad is usually a sub-platform of an NFT marketplace. It bridges the gap between new projects and investors. While there is no guarantee that the project that is starting on the launchpad is indeed going to make it, it offers to buy new NFTs in a trusted environment.

Users can rest assured that they deal with the right parties and that funds are escrowed for a certain period of time. Many NFT projects turn out to be rug pulls gathering funds from unsuspecting investors only to vanish once they have collected the money. In this sense, a launchpad represents some sort of self-regulation of the market.

Aside from the protection buyers enjoy many success stories have started on a launchpad. So far it is MagicEden that is dominating the Solana NFT space and many hot projects have started on its launchpad.

OpenSea needs to defend its pole position

Only three months ago the world’s biggest NFT marketplace started trading Solana NFTs in a beta version. While OpenSea is still the biggest marketplace according to its total volume its Solana-based rival MagicEden is seeing a lot more traction when measuring the volume on a daily basis.

It seems that OpenSea is attempting to increase its market share when it comes down to Solana-based NFTs. So far only MagicEden is offering a reliable launchpad with other platforms like Solanart falling far behind its trading volume and of course its revenue.

OpenSea took a hit during this bear market laying off about 20 % of its workforce. Extending its product line might be important to secure its business during harsh times while at the same time increasing its market share and influence in the Solana ecosystem. The Solana community on the other hand can be joyful that their NFTs are getting listed and new projects will start on the world’s leading platform. Especially many new investors perceive Solana NFTs as a better alternative over the ones that are based on Ethereum. The prices are usually lower and transaction fees are also cheaper than on the Ethereum blockchain.

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